BusinessReal Estate Average long-term US mortgage rate hits highest level in more than 20 years By Deanna B. Narveson - August 17, 2023 (iStock) FacebookXLinkedinEmailPrint The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale. Already an INSIDER? Sign in.