Long-term US mortgage rates up to 4.42%, highest since 2019

Average long-term U.S. mortgage rates jumped again this week as the 30-year loan rate climbed to its highest level since January of 2019

WASHINGTON -- Average long-term U.S. mortgage rates jumped again this week as the 30-year loan rate climbed to its highest level since January of 2019.

The increase comes after the Federal last week increased the key rate — which it had kept near zero since the pandemic recession struck two years ago — by more than a quarter point. The central bank has signaled potentially up to seven additional rate hikes this year.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan this week jumped to 4.42% from 4.16% last week. They've risen more than a half-point in the past two weeks. That’s a sharp contrast from last year’s record-low mortgage rates of under 3%. A year ago, the 30-year rate stood at 3.17%.

The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, rose to 3.63% from 3.39% last week.