Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase

The average long-term U.S. mortgage rate rose for the fourth consecutive week, another setback for prospective homebuyers just as the spring homebuying season gets going. The average rate on a 30-year mortgage rose to 6.94% from 6.90% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans.