WASHINGTON (AP) – Long-term U.S. mortgage rates rose this week, with the benchmark 30-year loan reaching its highest level since June.
Rates remain at historically low levels, however.
Mortgage giant Freddie Mac said Thursday the average for the 30-year fixed-rate mortgage jumped to 3.50 percent from 3.44 percent last week. It was the highest level since June, when it averaged over 3.60 percent. Still, the average 30-year rate is down from 3.91 percent a year ago, and is close to its all-time low of 3.31 percent in November 2012.
The 15-year fixed mortgage rate edged up to 2.77 percent from 2.76 percent.
Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which rose sharply amid volatility in the U.S. stock market. The yield on the 10-year notes soared to 1.70 percent Wednesday from 1.54 percent a week earlier. It rose further to 1.72 percent Thursday morning.