US 30-year fixed mortgage rate jumps to near 21-1/2-year high

U.S. mortgage rates surged this week, with the popular 30-year fixed rate hitting the highest level in more than 21 years, further complicating the housing market outlook.

The average 30-year rate shot up to 7.09%, the highest level since April 2002, from 6.96% in the prior week, mortgage finance agency Freddie Mac said on Thursday. It is nearly 2 percentage points above where it was the same period last year.