mortgage rates climbed in the latest week according to governmentbacked housingfinance agency freddie mac in the week ending thursday the average rate on a 30year fixedrate mortgage increased to 392 from 369 last week a year ago this week the average rate was 281 average 15year rates were 315 up from 293 a week ago and 221 a year ago the average rate on a fiveyear treasuryindexed hybrid adjustablerate mortgage or arm was 298 up from 28 a week ago and from 277 in the same period last year mortgage rates jumped again due to high inflation and stronger than expected consumer spending freddie mac chief economist sam khater said the 30year fixedrate mortgage is nearing 4 reaching highs we have not seen since may 2019 as rates and house prices rise affordability has become a substantial hurdle for potential homebuyers especially as inflation threatens to place a strain on consumer budgets he said expectations that the federal reserve will raise interest rates multiple times this year have also been driving increases in mortgage rates which are closely tied to the 10year us treasury write to will feuer at willfeuerwsjcom