Mortgage rates rise to highest level since 2007 after latest Fed interest-rate hike

Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2007 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29%, from 6.02% last week. That's the highest its been since August of 2007, a year before a crash in the housing market triggered the Great Recession. 

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.44% from 5.21% last week. That's the highest level since 2008. Last year at this time the rate on a 15-year mortgage was 2.15%.