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Mortgage Rates Rise to 10-Week High of 6.57%

U.S. long-term mortgage rates have climbed to their highest level since mid-March. So reports ABC News.

arrow 2790272 640According to Freddie Mac, the benchmark 30-year fixed-rate mortgage averaged 6.57% in the week ending May 25, up from 6.39% the week before and 5.10% a year earlier.

Sam Khater, Freddie Mac’s chief economist, said that the U.S. economy’s ongoing toughness and lingering debt ceiling concerns combined to drive rates higher.

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