US long-term mortgage rates rise; 30-year loan reaches 5%

WASHINGTON (AP) — Long-term U.S. mortgage rates continued to climb this week as the key 30-year loan rate reached 5% for the first time in more than a decade amid persistent high inflation. The average 5% rate on the 30-year mortgage was up from 4.72% last week, mortgage buyer Freddie Mac reports. The average rates have been showing the fastest pace of increases since 1994. The average rate on 15-year, fixed-rate mortgages jumped to 4.17% from 3.91% last week. With inflation at a four-decade high, rising mortgage rates and elevated home prices, the goal of homeownership has become the most expensive in a generation, Freddie Mac says.