US key 30-year mortgage rate jumps back over 5%, now 5.22%

WASHINGTON (AP) — Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%. Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, increased to 4.59% from 4.26%. Last week the 30-year rate fell below 5% for the first time in four months. Experts see some stability returning to the housing market as the drop in homebuyer demand moderates although supply remains fairly tight.