Average long-term mortgage rates retreat slightly this week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates came back down slightly this week after the key 30-year loan rate jumped nearly a quarter point last week. Mortgage buyer Freddie Mac reports that the 30-year rate fell to 5.13% from 5.22% last week. The rate stood at 2.86% a year ago. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, inched down to 4.55% last week. Rapidly rising interest rates — which add hundreds of dollars to monthly mortgage payments — have pushed many potential homebuyers to the sideline this year, cooling a red-hot housing market.