Long-term US mortgage rates climb to highest since 2009

By Ovunc Kutlu

ANKARA (AA) - Long-term mortgage rates in the US climbed to the highest level since 2009, according to the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, data released on Thursday.

The average for the key 30-year rate increased to 5.3% this week, from 5.27% last week. It is up 2.36 percentage points from a year ago.

The 15-year mortgage rate rose to 4.48%, gaining 2.22 percentage points from last year, while the 5-year mortgage rate reached 3.98% with an annual 1.39 percentage point gain.

The Federal Reserve last week raised interest rates by 50 basis points, on top of a 25 basis points of rate hike in March, which increases costs for mortgages, credit cards, auto and other borrowing loans.