THE AVERAGE LONG-TERM US MORTGAGE RATE REACHES HIGHEST POINT IN NEARLY 23 YEARS, HITTING 7.31%

Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly unaffordable housing market.

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The average rate on the benchmark 30-year home loan rose to 7.31%, from 7.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.70%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.72% from 6.54% last week. A year ago, it averaged 5.96%, Freddie Mac said.