Average long-term US mortgage rates highest in 12 years

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade. The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday. The last time it was higher was in April of 2010 when it reached 5.21%. The average rates in recent months are the fastest pace of increases since 1994. A year ago the 30-year rate stood at 2.97%. Federal Reserve officials have signaled that they will take an aggressive approach to fighting high inflation this year, which could include multiple half-point hikes.