Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years

Mortgage rates held steady this week, keeping the average long-term U.S. home loan rate at its highest level in nearly three years.

The benchmark 30-year fixed-rate mortgage was unchanged from last week at 7.40%, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.27%.