U.S. LONG-TERM MORTGAGE RATES JUMP

» Long-term WASHINGTON

U.S. mortgage rates jumped this week after two straight weeks of declines, reaching their second-highest level this year.

Against a backdrop of rising interest rates in the economy, long-term loan rates have been running at their highest levels in seven years. And the Federal Reserve on Wednesday raised its benchmark interest rate for the second time this year and signaled that it may step up its pace of rate increases.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixedrate mortgages was 4.62 percent, up from 4.54 percent last week. By contrast, the 30-year rate averaged 3.91 percent a year ago.