Mortgage Rates Rise to 5.66%, Weighing on Housing Market

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 4.98% from 4.85% last week. Last year at this time the rate was 2.18%.