Average long-term US mortgage rates bounce back up to 5.51%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates were back up this week, just as the latest government data shows inflation has not slowed, meaning the Federal Reserve is almost certain to raise its benchmark borrowing rate again. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.51% from 5.30% last week. Fed policymakers have signaled that much higher interest rates could be needed to reign in persistent, four-decade high inflation. Most economists expect the Federal Reserve to jack up its borrowing rate another half-to-three-quarters of a point later this month. Higher borrowing rates have cooled the once red-hot housing market.