U.S. Key 30-Year Mortgage Rate Spikes To 5.22%

Higher borrowing rates have cooled the housing market but home prices have continued to rise, with the median home price in June climbing to $416,000.

Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%.

Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. By contrast, the rate stood at 2.87% a year ago.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, increased to 4.59% from 4.26%.