WASHINGTON >> Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%.
Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. By contrast, the rate stood at 2.87% a year ago.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, increased to 4.59% from 4.26%.
Last week the 30-year rate fell below 5% for the first time in four months, days after the Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point in its most aggressive drive in over three decades to tame record-high inflation. It was the central bank’s second such increase in less than two months.
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