US average mortgage rates at 7-year highs; 30-year 4.66 pct.

US average mortgage rates at 7-year highs; 30-year 4.66 pct. | iNFOnews.ca
FILE- In this April 23, 2018, file photo a for sale sign sits in front of a home in Jackson, Miss. On Thursday, May 24, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Rogelio V. Solis, File)

WASHINGTON – Long-term U.S. mortgage rates rose this week, continuing at their highest levels in seven years amid the peak home buying season.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages was 4.66 per cent, up from 4.61 per cent last week. Pushing toward the significant 5 per cent level, the new average benchmark rate was the highest since May 5, 2011. By contrast, the 30-year rate averaged 3.95 per cent a year ago.

The average rate on 15-year, fixed-rate loans increased to 4.15 per cent from 4.08 per cent last week.

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