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US long-term mortgage rates jump; 30-year at 4.62 percent
This May 25, 2018, photo shows a home for sale in Rutherford, N.J. On Thursday, June 7, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo - Ted Shaffrey)
From Associated Press
June 14, 2018 9:39 AM EST

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.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.