Average long-term US mortgage rates edge up to 5.3%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By contrast, the average rate stood at 2.94% a year ago. The Federal Reserve last week intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling further large rate hikes to come. Some economists predict that home sales this year could decline as much as 10% from 2021 levels.