US long-term mortgage rates jump; 30-year at 4.62 percent

WASHINGTON (AP) – Long-term U.S. mortgage rates jumped this week after two straight weeks of declines, reaching their second-highest level this year.

Long-term loan rates have been running at their highest levels in seven years. And the Federal Reserve on Wednesday raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages was 4.62 percent, up from 4.54 percent last week. By contrast, the 30-year rate averaged 3.91 percent a year ago.

The average rate on 15-year, fixed-rate loans increased to 4.07 percent from 4.01 percent last week.