Mortgage rates jump to highest mark in a year

Julie C. Nichols General

The Washington Post – J.D. Harrison

Mortgage rates surged again this past week, completing a consistently steep ascent in May, according to data released Thursday by Freddie Mac. The 30-year fixed-rate average jumped to 3.81 percent with an average 0.8 point, its highest mark in the past year. May began with the 30-year hovering at 3.35 percent, well below last year’s reading at the start of the month; however, four straight weeks of increases have pushed the average above last year’s reading of 3.75 percent. The 15-year fixed rate average followed suit, rising to 2.98 percent from 2.77 percent last week, with an average 0.7 point. One year ago, the average was 2.97 percent.

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