The average long-term US mortgage rate jumps again, hitting its highest level in nearly 3 years at 7.28%

The average 30-year fixed-rate mortgage in the United States rose to 7.28% this week, marking the highest level recorded in nearly three years. According to data released by Freddie Mac on Thursday, this represents an increase from the previous week's rate of 7.03% and a significant jump from the 6.34% rate observed one year ago.

As borrowing costs continue to climb, the current economic environment is influencing homebuyer behavior. Some prospective purchasers are shifting their focus toward adjustable-rate mortgages (ARMs) as a potential alternative to traditional fixed-rate loans in response to the sustained upward trend in interest rates.