US average mortgage rates jump; 30-year loan at 3.05%
ABC News
Average long-term mortgage rates jumped this week, with the benchmark 30-year loan again breaching 3%
WASHINGTON -- Average long-term mortgage rates jumped this week, with the benchmark 30-year loan again breaching 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage rose to 3.05% from 2.99% last week. That is its highest level since April, when it peaked at 3.18%. The key rate stood at 2.81% this time last year.
The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, rose to 2.30% from 2.23% last week.
The increase in mortgage rates came amid continued inflation pressures as the coronavirus pandemic lingers. The government reported Wednesday that inflation at the retail level rose 0.4% in September, with its consumer price index up 5.4% over the past 12 months — matching the fastest pace since 2008.
