Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.
FILE - A"sold" is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Average long-term U.S. mortgage rates jumped again this week, Thursday, Sept. 8, 2022, to their highest level in almost 14 years, certain to keep even more potential buyers out of a housing market thats cooled considerably since the Federal Reserve began jacking up its benchmark borrowing rate. .
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 5.16% from 4.98% last week. That's the first time the 15-year rate has been above 5% since 2009, as the real estate market went into a years-long slump. Last year at this time the rate was 2.19%.
Recently, faster inflation and strong U.S. economic growth have sent the 10-year Treasury rate up sharply, to 3.27%.
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