Long-term rate up to five-week high

The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales.

The average rate on a 30-year mortgage rose to 6.88% from 6.82% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%.

Rates have been mostly drifting higher in recent weeks as stronger-thanexpected reports on employment and inflation have stoked doubt over how soon the Federal Reserve will move to lower its benchmark interest rate.

Many economists still expect that mortgage rates will ease moderately later this year, though most forecasts call for the average rate on a 30-year home loan to remain above 6%.