LOS ANGELES (NEWSnet/AP) — The average long-term U.S. mortgage rate rose for the second time in the past two weeks, climbing to its highest level in four weeks.

The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.

Borrowing cost on 15-year fixed-rate mortgages eased this week, bringing the average rate to 5.87% from 5.89%. A year ago, it averaged 5.52%, Freddie Mac said.

The latest increase in the average rate on a 30-year home loan follows a nine-week string of declines at the end of 2023 that lowered the average rate after it surged in late October to 7.79%, the highest since late 2000.

“Mortgage rates have not moved materially over the last three weeks and remain in the mid-6% range, which has marginally increased homebuyer demand,” said Sam Khater,  chief economist at Freddie Mac. “Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers.”

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