Average rate on 30-year mortgage climbs since late May to under 7%

LOS ANGELES, California: The average rate on a 30-year mortgage climbed this week for the first time since late May, increasing borrowing costs for home loans.

Freddie Mac reported that the rate rose to 6.95 percent, up from 6.86 percent last week. A year ago, the rate averaged 6.81 percent. This increase follows a four-week period of declining rates, which have largely hovered around seven percent this year.