U.S. mortgage rates rose to their highest levels in a year as reports showed the housing market and economy strengthening, signaling to bond investors that the Federal Reserve may reduce efforts to push down borrowing costs.
The average rate for a 30-year fixed mortgage jumped to 3.81 percent in the week ended today, from 3.59 percent, McLean, Virginia-based Freddie Mac said in a statement. The average 15- year rate increased to 2.98 percent from 2.77 percent.
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