Mortgage rates hit 7-year high: – 30-year at 4.61%.

WASHINGTON (AP) – May 17, 2018 – Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season.

The benchmark 30-year rate pushed toward the significant 5 percent level.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages was 4.61 percent, up from 4.55 percent last week. The new average rate was the highest since May 19, 2011. By contrast, the 30-year rate averaged 4.02 percent a year ago.

The average rate on 15-year, fixed-rate loans climbed to 4.08 percent from 4.01 percent last week.

The latest indications of a strong economy and rising commodity prices – gasoline is at a four-year high – lifted yields on bonds and mortgage rates followed suit.

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