US average mortgage rates jump; 30-year loan at 3.05%

WASHINGTON (AP) — Average long-term mortgage rates jumped this week, with the benchmark 30-year loan again breaching 3%. Mortgage buyer Freddie Mac says the average rate for a 30-year mortgage rose to 3.05% from 2.99% last week. That is its highest level since April, when it peaked at 3.18%. The rate for a 15-year loan rose to 2.30% from 2.23% last week. The increase in mortgage rates came amid continued inflation pressures. The government reported Wednesday that retail inflation rose 0.4% in September, with its consumer price index up 5.4% over the past 12 months _ matching the fastest pace since 2008.