Long-term mortgage rates now at highest point since 2008

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped again this week to their highest level in almost 14 years, certain to keep even more potential buyers out of a housing market that’s cooled considerably since the Federal Reserve began jacking up its benchmark borrowing rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.89%, the highest it’s been since November of 2008, just after the housing market collapse set off the Great Recession. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, climbed above 5% for the first time since 2009.