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It\u2019s been almost two years since a 30-year, fixed-rate mortgage averaged 3.92% (May 2019 at 3.99%). One year ago, the 30-year FRM averaged 2.81%.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON (AP) \u2013 Average long-term U.S. mortgage rates jumped again last week, approaching levels not seen since 2019.<\/span><\/span><\/p>\n The average rate on a 30-year loan rose last week to 3.92% from 3.69% the previous week, mortgage buyer Freddie Mac reported Thursday. A year ago, the long-term rate was 2.81%.<\/span><\/span><\/p>\n The last time the 30-year rate was higher was in May of 2019 when it reached 3.99%.<\/span><\/span><\/p>\n The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, rose to 3.15% from 2.93% one week earlier. It stood at 2.21% a year ago. It last breached 3% in March of 2020, just as the pandemic was breaking in the U.S.<\/span><\/span><\/p>\n The Federal Reserve has signaled that it would begin the first in a series of interest rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth but also contributing to inflation levels not seen since the early 1980s.<\/span><\/span><\/p>\n The Labor Department reported last week that consumer prices jumped 7.5% last month compared with 12 months earlier, the steepest year-over-year increase since February 1982. Higher costs for nearly everything have burdened consumers, offsetting pay raises and reinforcing the Federal Reserve\u2019s decision to begin raising borrowing rates across the economy.<\/span><\/span><\/p>\n The price for a new home has jumped about 14% in the past year and as much as 30% in some cities. Housing has been in short supply even before the pandemic, and higher prices and rising interest rates will make it even harder for homebuyers.<\/span><\/span><\/p>\n \u201cAs rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets,\u201d said Sam Khater, Freddie Mac\u2019s chief economist.<\/span><\/span><\/p>\n\n