WASHINGTON (AP) – Long-term U.S. mortgage rates jumped this week to their highest level in nearly four years, a sign that the prospect of higher inflation is steadily increasing the cost of borrowing to buy a home.
Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose to 4.38 percent this week, up from 4.32 percent last week and the highest since April 2014.READ MORE: Driver Shot In Road Rage Incident, Fort Worth Police Say
The rate on 15-year, fixed-rate loans rose to 3.84 percent from 3.77 percent last week.READ MORE: Driver Dies Crashing Head-On Into Pillar After Not Negotiating Curve In Road, Grapevine Police Say
Recent wage gains and rising prices are stoking concerns about inflation picking up, which has caused investors to seek higher interest rates. Mortgage rates are closely aligned with the yield on 10-year U.S. Treasury notes, which has climbed above 2.90 percent from 2.78 percent just two weeks ago.MORE NEWS: Allen Police Officer Forced To Shoot Aggressive Pit Bull
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