Average US 30-year mortgage rate at 4.23 percent
Source: AP-EXCITE
WASHINGTON (AP) — Average long-term U.S. mortgage rates surged this week, marking their largest one-week gain this year.
Mortgage company Freddie Mac says the nationwide average for a 30-year loan jumped to 4.23 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, rose to 3.37 percent from 3.26 percent.
At 4.23 percent, the rate on a 30-year mortgage is at its highest level since the week ended May 1, though it is still at a historically low level.
Mortgage rates often follow the yield on the 10-year Treasury note. The 10-year note traded at 2.62 percent Wednesday, up sharply from 2.54 percent a week earlier. It was trading at 2.63 percent Thursday morning. Bond yields rise when bond prices fall.
In this photo made on Wednesday, Sept. 10, 2014, construction is under way at a housing development in Zelienople, Pa. Freddie Mac reports on average mortgage rates for this week on Thursday, Sept. 18, 2014. (AP Photo/Keith Srakocic)
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