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Average long-term US mortgage rate climbs to 7.09%, the highest level in more than 20 years
![Average long-term US mortgage rate climbs to 7.09%, the highest level in more than 20 years 1 Newsdaily1](http://i0.wp.com/en.newsdailyarabic.com/wp-content/uploads/2022/05/Newsdaily1.png?resize=512%2C470&ssl=1)
Sharply higher rates are contributing to a dearth of available homes, as homeowners who locked into lower borrowing costs two years ago are now reluctant to sell and jump into a higher rate on a new property