Average U.S. mortgage rates rise; 30-year loan breaches 4%

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week as the key 30-year loan vaulted over 4% for the first time since May 2019. Mortgage buyer Freddie Mac reports that the average rate on the 30-year loan this week jumped to 4.16% from 3.85% last week. That’s a sharp contrast from last year’s record-low mortgage rates of under 3%. The average rate on 15-year, fixed-rate mortgages climbed to 3.39% from 3.09%. With inflation at a four-decade high, the Federal Reserve on Wednesday increased its benchmark short-term interest rate _ pinned near zero since the pandemic recession struck two years ago.