Rates for home loans jumped along with yields in the broader bond market, taking financing costs to a recent high. The 30-year fixed-rate mortgage averaged 4.72% in the September 27 week, up from 4.65%, mortgage liquidity provider Freddie Mac said Thursday. That marked the fifth straight weekly gain for the benchmark product, and took it to its highest point since April, 2011.
Mortgage rates track the U.S. 10- year Treasure note which powered high over the past week as investors braced for the Federal Reserve to raise short-term interest rates for the third time this year.
By Andrea Riquier