WASHINGTON — Long-term U.S. mortgage rates rose for the second straight week, continuing to dampen prospects for potential homebuyers.
Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages jumped to 4.60 percent this week from 4.54 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.93 percent a year ago.
The average rate on 15-year, fixed-rate loans increased to 4.08 percent this week from 4.02 percent last week.
Higher mortgage rates combined with steadily rising home prices have restrained home sales this summer despite the robust economy and job market.