Long-term mortgage rates soar to 7-year high
WASHINGTON — Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years.
Costs for would-be homebuyers continue to climb. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages jumped to 4.72 percent from 4.65 percent last week. The average benchmark rate has risen from 3.83 percent a year ago.
The average rate on 15-year, fixed-rate loans increased to 4.16 percent this week from 4.11 percent last week.
The Federal Reserve signaled its confidence in the economy on Wednesday by raising a key interest rate for a third time this year, forecasting another rate hike before year’s end.