The average long-term US mortgage rate reaches highest point in nearly 23 years, hitting 7.31%

LOS ANGELES — 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 unaffordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31%, from 7.19% last week, mortgage buyer…