Average rate on a 30-year mortgage inches up to 6.78%, first uptick in three weeks

Mortgage rates inched higher this week, keeping the average rate on a 30-year mortgage essentially flat and near the 7% range it’s been in most of this year. The rate rose to 6.78% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.81%. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago. The elevated mortgage rates have discouraged home shoppers, extending the nation’s housing slump into its third year.