Average Long-Term US Mortgage Rate Rises to 6.71 Percent in First Increase After 3 Straight Drops

A sale sign stands outside a home on the market along Nevada Avenue in the Old North End neighborhood of Colorado Springs, Colo., on June 22, 2023. David Zalubowski/AP Photo

LOS ANGELES—The average long-term U.S. mortgage rate rose this week, snapping a three-week pullback after reaching a high for the year in early June.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.71 percent from 6.67 percent last week. A year ago, the rate averaged 5.70 percent.