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)

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

May 24, 2018 - 10:41 am

WASHINGTON (AP) — 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 percent, up from 4.61 percent last week. Pushing toward the significant 5 percent level, the new average benchmark rate was the highest since May 5, 2011. By contrast, the 30-year rate averaged 3.95 percent a year ago.

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