Freddie Mac

Mortgages get more expensive as rates hit near 4-year peak

The cost of borrowing for a home keeps going up, a potential obstacle to would-be buyers at a time when home prices are at all-time highs in more than half of major U.S. markets.

Average long-term mortgage rates have been rising steadily this year and are now at the highest level in almost four years. That translates into higher mortgage payments and more money paid out over the life of the typical 30-year home loan.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages rose to 4.38 percent this week, up from 4.32 percent last week. That's the highest rate since April 2014. At the start of the year, the average rate was just under 4...

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