Ticker: Mortgage rates rise to 5.66%; Starbucks names new CEO

Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 4.98% from 4.85% last week. Last year at this time the rate was 2.18%.

A once red-hot housing sector has cooled considerably, with many potential home buyers getting pushed out of the market as higher interest rates have added hundreds of dollars to monthly payments. As a result, sales of existing homes in the U.S. have fallen for six straight months, according to the National Association of Realtors.

“The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration,” said Sam Khater, Freddie Mac’s chief economist.

Starbucks names former PepsiCo executive as new CEO

Starbucks said Thursday that Laxman Narasimhan will join the coffee giant on Oct. 1 after relocating from London to Seattle, where Starbucks is based.

He will work closely with Starbucks’ interim CEO Howard Schultz through April 1, when he will assume the CEO role and join the company’s board.

Schultz said Narasimhan is “uniquely positioned” to lead the company, with a demonstrated track record of growth in both mature and emerging markets.

“As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities,” Schultz said in a statement.