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US mortgage rates rise; 30-year at 5.27%, highest since 2009

Experts expect mortgage rates to remain low for first half of 2021
Posted at 1:15 PM, May 05, 2022
and last updated 2022-05-05 13:15:26-04

WASHINGTON (AP) — Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009.

The increases came in the week preceding the widely anticipated action by the Federal Reserve, announced Wednesday, to intensify its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling further large rate hikes to come.

Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.27% from 5.1% last week.

The average rate on 15-year, fixed-rate mortgages jumped to 4.52% from 4.4% last week.