The average mortgage rate rose to 7.09%, its highest level in more than 20 years, according to data released by mortgage giant Freddie Mac, extending a stretch of high borrowing costs that has slowed the housing market.

The average mortgage rate rose to 7.09%, its highest level in more than 20 years, according to data released by mortgage giant Freddie Mac, extending a stretch of high borrowing costs that has slowed the housing market.