US average mortgage rates at 7-year highs; 30-year 4.61 pct.

FILE- This April 23, 2018, file photo shows a sold sign in front of a home in Jackson, Miss. On Thursday, May 17, Freddie Mac reports on the week’s av

FILE- This April 23, 2018, file photo shows a sold sign in front of a home in Jackson, Miss. On Thursday, May 17, Freddie Mac reports on the week’s av

WASHINGTON (AP) — Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season.

The benchmark 30-year rate pushed toward the significant 5 percent level. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages was 4.61 percent, up from 4.55 percent last week. The new average rate was the highest since May 19, 2011. By contrast, the 30-year rate averaged 4.02 percent a year ago.

The average rate on 15-year, fixed-rate loans climbed to 4.08 percent from 4.01 percent last week.

The latest indications of a strong economy and rising commodity prices — gasoline is at a four-year high — lifted yields on bonds and mortgage rates followed suit.