Mortgage rates rise, now highest since 2009

Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009.

The increases came in the week preceding the widely anticipated action by the Federal Reserve, announced Wednesday, to intensify its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point.

Mortgage buyer Freddie Mac reported the 30-year rate rose to 5.27% from 5.1% last week, when it edged down after seven weeks of increases. By contrast, the average rate stood at 2.96% a year ago.

With inflation at a four-decade high, rising mortgage rates, elevated home prices and tight supply of homes for sale, homeownership has become less attainable, especially for first-time buyers.