Average long-term US mortgage rate jumps to 7.23% this week to highest level since June 2001

The average long-term U.S. mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to would-be homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan climbed to 7.23% from 7.09% last week. Mortgage rates have been rising along with the 10-year Treasury yield, used by lenders to price rates on mortgages and other loans.