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AP National Business

Mortgage rates rise to 5.66%, weighing on housing market

KTVZ
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Published 7:01 AM

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%. The average rate on 15-year, fixed-rate mortgages, popular among homeowners looking to refinance, jumped to 4.98% from 4.85% last week. A once red-hot housing sector has cooled considerably, with many potential home buyers getting pushed out of the market as higher interest rates have added hundreds of dollars to monthly mortgage payments.

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