Average US 30-year mortgage rate rises to 4.30 per cent

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WASHINGTON - Long-term U.S. mortgage rates rose this week for a second straight week, posting new highs for the year. The markets were anticipating an increase in a key interest rate by the Federal Reserve, which the Fed announced Wednesday.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate loans climbed to 4.30 per cent from 4.21 per cent last week. The benchmark rate stood at 3.73 per cent a year ago and averaged 3.65 per cent through 2016, the lowest level in records dating to 1971.

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