Average US long-term mortgage rates rise; 30-year at 5.55%

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week as inflation worries remained at the fore and the slowdown in economic growth weighs on the housing market. Mortgage buyer Freddie Mac reports that the 30-year rate increased to 5.55% from 5.13% last week. The average rate on 15-year, fixed-rate mortgages jumped to 4.85% from 4.55% last week. Inflation worries are top of mind as Federal Reserve officials meet this week at their annual symposium in Wyoming to discuss global economic challenges. In a drive to tame historically high inflation, the Fed has embarked on its fastest series of interest rate hikes since the early 1980s.