Average US mortgage rates climb; 30-year at 4.6 percent

Buying Fall House Hunt News
. Andy Dean/

WASHINGTON — Long-term US mortgage rates this week jumped to their highest level since the start of August, raising costs for would-be home buyers.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages climbed to 4.6 percent from 4.54 percent last week. The average rate has surged from 3.78 percent a year ago, posting the largest annual gain since May 2014.

The average rate on 15-year fixed-rate loans rose to 4.06 percent this week from 3.99 percent last week.

Solid job growth has boosted demand from would-be home buyers. But rising prices, a shortage of sales listings, and higher rates have been a drag on sales. The National Association of Realtors said last month that existing home sales have tumbled 1.5 percent over the past year.

Subscribe to the Globe’s free real estate newsletter — our weekly digest on buying, selling, and design — at Follow us on Facebook and Twitter @globehomes.