Average US mortgage rates climb; 30-year at 4.60 percent

Posted: Updated:
(AP Photo/David Zalubowski). In this Thursday, Aug. 30, 2018, photograph, a sale signs stand outside a home on the market in Denver. On Thursday, Sept. 13, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/David Zalubowski). In this Thursday, Aug. 30, 2018, photograph, a sale signs stand outside a home on the market in Denver. On Thursday, Sept. 13, Freddie Mac reports on this week’s average U.S. mortgage rates.

By JOSH BOAK
AP Economics Writer

WASHINGTON (AP) - Long-term U.S. mortgage rates this week jumped to their highest level since the start of August, raising costs for would-be homebuyers.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages climbed to 4.60 percent from 4.54 percent last week. The average rate has surged from 3.78 percent a year ago, posting the largest annual gain since May 2014.

The average rate on 15-year, fixed-rate loans rose to 4.06 percent this week from 3.99 percent last week.

Solid job growth has boosted demand from would-be homebuyers. But rising prices, a shortage of sales listings and higher rates have been a drag on sales. The National Association of Realtors said last month that existing homes have tumbled 1.5 percent over the past year.

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 This material may not be published, broadcast, rewritten or redistributed.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."