July 30, 2014
WASHINGTON (AP) - Average U.S. rates on fixed mortgages jumped this week to their highest levels in a year, signaling slightly higher costs for homebuyers. But rates remain low by historical standards.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan rose to 3.81 percent, up from 3.59 percent last week. That's still not far from the 3.31 percent rate reached in November, the lowest on records dating to 1971.
The average on the 15-year loan rose to 2.98 percent, up from 2.77 percent last week. The record low of 2.56 percent was reached in early May.
Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note, which has surged in the past week on speculation that Federal Reserve will slow its bond purchases.
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