Mortgage Rates at Their Highest in 5 Years

Mortgage rates shot up again this week, with 30-year and 15-year mortgages reaching their highest levels since early 1995, Freddie Mac said. The rate on one-year, adjustable mortgages hit a nearly nine-year high. The average interest rate on 30-year, fixed-rate mortgages climbed to 8.64% for the week ending May 19 from 8.52% the previous week. This time a year ago, 30-year mortgages averaged 7.23%. Fifteen-year mortgages rose this week to 8.31%, up from 8.17%. This time a year ago, 15-year mortgages were at 6.83%. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 7.15%, up from 6.96% last week.