THE AVERAGE LONG-TERM US MORTGAGE RATE EDGED UP TO 7.19% THIS WEEK, SLIGHTLY BELOW ITS 2023 HIGH

The average long-term U.S. mortgage rate edged up again this week, another setback for wouldbe homebuyers navigating an increasingly less affordable housing market.

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The average rate on the benchmark 30-year home loan rose to 7.19% from 7.18% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.29%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also rose. The average rate rose to 6.54% from 6.51% last week. A year ago, it averaged 5.44%, Freddie Mac said.

High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. They also discourage homeowners who locked in low rates two years ago from selling.