Long-term US mortgage rates edge up this week to 4.72%

Average long-term U.S. mortgage rates edged up again this week as the key 30-year loan rate hit its highest mark in more than three years

WASHINGTON -- Long-term U.S. mortgage rates edged up again this week with the key 30-year loan rate reaching levels not seen in more than three years.

The average rate on the 30-year loan this week rose to 4.72%, from 4.67% last week, mortgage buyer Freddie Mac reported Thursday. The average rate has jumped 1.5% in the past three months, the fastest pace of increases over that stretch of time since May 1994. A year ago, the 30-year rate stood at 3.18%.

The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, climbed to 3.91% from 3.83% last week.

With inflation at a four-decade high, the increases in home loan rates come a few weeks after the Federal Reserve raised its benchmark interest rate by a quarter point in an attempt to cool the economy. The central bank, which which had kept its benchmark rate near zero since the pandemic recession struck two years ago, has signaled potentially up to seven additional rate hikes this year, meaning mortgage rates likely will continue to rise over the year.