AP: Long-term US mortgage rates hit 3.69%, highest in 2 years

The average rate on the 30-year loan jumped nearly a quarter point to 3.69% last week, mortgage buyer Freddie Mac reported Thursday. After rising nearly a half-point early in the year, the average long-term rate had been flat for three weeks. A year ago, the long-term rate was 2.73%.

Associated Press

Feb 11, 2022, 1:07 AM

Updated 893 days ago

Share:

Average long-term U.S. mortgage rates jumped last week to their highest level in more than two years, potentially bumping some homebuyers out of the market with Americans getting squeezed by higher costs for just about everything.
The average rate on the 30-year loan jumped nearly a quarter point to 3.69% last week, mortgage buyer Freddie Mac reported Thursday. After rising nearly a half-point early in the year, the average long-term rate had been flat for three weeks. A year ago, the long-term rate was 2.73%.
Although it’s still historically low, the average rate for a 30-year mortgage hasn’t been this high since the first week of January 2020 when it was 3.72%.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, was 2.93%. It stood at 2.77% a year ago.
The Federal Reserve has signaled that it would begin the first in a series of interest rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth but also contributing to inflation levels not seen in some 40 years.
The Labor Department said Thursday that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Higher costs for just about everything has hammered consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy.
Home prices have risen up even more. Depending on where you are seeking to live, the price for a new home has broadly risen about 14% and as much as 30% in some cities. Housing has been in short supply even before the pandemic, and higher prices and rising interest rates will make it even harder for those seeking a move to buy a new home.


More from News 12
1:29
Nonprofit awarded $2M state grant to address menstrual equity

Nonprofit awarded $2M state grant to address menstrual equity

2:14
Mostly cloudy and humid in Connecticut, scattered showers on Wednesday

Mostly cloudy and humid in Connecticut, scattered showers on Wednesday

2:00
‘People don’t know Connecticut.’ Lamont hopes trade mission to Germany attracts new jobs

‘People don’t know Connecticut.’ Lamont hopes trade mission to Germany attracts new jobs

1:44
Fairfield University professor calls presidential race too close to call with Harris in the mix

Fairfield University professor calls presidential race too close to call with Harris in the mix

2:19
Westport police warn people to lock their cars, homes after 3 suspects tried to break into several cars

Westport police warn people to lock their cars, homes after 3 suspects tried to break into several cars

0:13
Bridgeport to offer free vaccines to children

Bridgeport to offer free vaccines to children

0:27
Local athletes set to shine at the 2024 Paris Olympics

Local athletes set to shine at the 2024 Paris Olympics

0:42
News 12’s Frank Recchia receives MLK Award for Excellence in Community Service

News 12’s Frank Recchia receives MLK Award for Excellence in Community Service

0:42
Teen Talk Summit brings mental health experts to Darien

Teen Talk Summit brings mental health experts to Darien

0:39
Connecticut schools rank second best in nation, according to WalletHub

Connecticut schools rank second best in nation, according to WalletHub

2:39
Made in Connecticut: Sheffield Island Lighthouse stands as a beacon of Connecticut history

Made in Connecticut: Sheffield Island Lighthouse stands as a beacon of Connecticut history

1:57
Community reacts to VP Harris getting Biden's endorsement for president

Community reacts to VP Harris getting Biden's endorsement for president

AP survey: Harris has enough delegate support to become the Democratic Party nominee

AP survey: Harris has enough delegate support to become the Democratic Party nominee

1:37
Family says 21-year-old Shelton man clings to life following motorcycle crash

Family says 21-year-old Shelton man clings to life following motorcycle crash

2:07
CT Democratic delegates back Harris

CT Democratic delegates back Harris

1:41
Fairfield Warde HS student creates roadside food pantry

Fairfield Warde HS student creates roadside food pantry

1:13
Rep. Himes: VP Harris will ‘galvanize young people and women’ in 2024 election

Rep. Himes: VP Harris will ‘galvanize young people and women’ in 2024 election

0:49
Elected officials, EPA announce $450 million grant for affordable electric heat pumps

Elected officials, EPA announce $450 million grant for affordable electric heat pumps

0:16
State police: Bear causes car crash on Route 8 in Torrington

State police: Bear causes car crash on Route 8 in Torrington

0:38
Pink Aid holds fundraiser to benefit breast cancer patients at Rolling Hills Country Club in Wilton

Pink Aid holds fundraiser to benefit breast cancer patients at Rolling Hills Country Club in Wilton