Average long-term U.S. mortgage rates rose again this week as the key 30-year loan rate vaulted over 4.5% and attained its highest level since the end of 2018.
Against a backdrop of inflation at a four-decade high, the increases in home loan rates come a few weeks after the Federal Reserve raised by a quarter point its benchmark short-term interest rate — which it had kept near zero since the pandemic recession struck two years ago — to cool the economy. 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 rose to 4.
Home prices are up about 15% over the past year and as much as 30% in some cities. Homes available for sale have been in short supply even before the pandemic started two years ago. Now higher prices and rising loan rates will make it even harder for would-be buyers as the spring homebuying season gets underway.
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