30-year mortgage highest since ’09

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

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

The average rate on 15-year, fixed-rate mortgages jumped to 4.52% from 4.4% last week.

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. Some economists suggest home sales this year could decline as much as 10% from 2021 levels.