Slowdown in housing expected as US mortgage rate hits 7.09%

WASHINGTON D.C.: The average long-term US mortgage rate climbed this week to its highest level in more than 20 years.

Mortgage buyer Freddie Mac said that last week, the average rate on the benchmark 30-year home loan rose to 7.09 percent from 6.96 percent, compared to 5.13 percent one year ago.

This rise is the fourth consecutive weekly increase for the average rate and the highest since early April 2002