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

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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.

Article Topic Follows: AP National Business

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