WASHINGTON (AP) — Average long-term U.S. mortgage rates rose again this week as the key 30-year loan rate breached 4.5% and attained its highest level since the end of 2018.
Mortgage buyer Freddie Mac reported that the average rate on the 30-year loan this week rose to 4.67% from 4.42% last week.
That contrasts with last year’s record-low mortgage rates of around 3%.
The average rate on 15-year, fixed-rate mortgages jumped to 3.83% from 3.63% last week.
With inflation at a four-decade high, the increases in home loan rates come a few weeks after the Federal Reserve raised its benchmark short-term interest rate.