U.S. 30-year mortgage rates hit 5-month high: Freddie Mac
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NEW YORK (Reuters) - The average interest rate on U.S. 30-year fixed-rate mortgages rose to its highest level in five months with rising Treasury yields, mortgage finance agency Freddie Mac said on Thursday.
The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.57 percent in the week ended Nov. 10. It was the highest since 3.60 percent in the week of June 9.
Thirty-year mortgage rates averaged 3.54 percent last week and 3.98 percent a year earlier, it said.
Treasury yields have been rising in recent weeks on speculation about reduced stimulus from global central banks. They have surged since Wednesday with benchmark yields hitting their highest levels since January on bets over rising U.S. inflation following Donald Trump's surprise U.S. presidential victory.
"At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week," said Sean Becketti, Freddie Mac's chief economist in a statement.
Benchmark 10-year Treasury yields were up 3.5 basis points at 2.097 percent in early trading on Thursday. It touched 2.125 percent earlier Thursday, its highest since Jan. 13, according to Reuters data.
(Reporting by Richard Leong; Editing by David Gregorio)
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