23-year high: Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly less affordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31% from 7.19% last week, mortgage buyer Freddie Mac said today. A year ago, the rate averaged 6.70%. Read more.
O’Neal location: Self storage company Go Store It today announced it has opened a new 86,680-square-foot facility on O’Neal Lane near the Ochsner Medical Center. The facility has 550 storage units.
Risk decreases: Louisiana will modify its statewide burn ban, in effect since late August, to allow each parish to set its own guidelines. Recent rain and the work of firefighters has lowered the risk of additional blazes in the state’s most prone areas. Starting at 5 p.m. Friday, each parish can choose to opt out of the statewide burn ban and set its own restrictions. Read more from Louisiana Illuminator.
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