Average US Long-Term Mortgage Rates Rise to 9-Month High

Loan applications and pending sales weakened as the rising borrowing price weighs on buyer demand.

A 'For Sale' sign is posted in front of a single-family home in Hollywood, Fla. Joe Raedle/Getty Images

The average long-term U.S. mortgage rate has hit a nine-month high, raising borrowing costs for homebuyers during the typically busy spring buying season.

The average rate on a 30-year fixed mortgage rose to 6.51 percent, up from 6.36 percent last week, Freddie Mac said on Thursday. That marks the highest level since Aug. 28, when the average rate stood at 6.56 percent.