30-year mortgage rate rises to 5.3%

WASHINGTON — Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By contrast, the average rate stood at 2.94% a year ago.

The Federal Reserve last week intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling further large rate hikes to come.

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.