US mortgage rates touch seven-year highs as yield curve steepens
According to weekly data released by Freddie Mac, the average 30-year fixed-rate mortgage rate jumped 19 basis points over the past week to 4.90 percent, its largest weekly increase since 2016 and the highest level seen in seven years.
Rates are the highest they have been since April 2011. 30-year mortgage rates touched post-crisis lows in 2013 and have been increasing ever since.According to Len Kiefer, deputy chief economist at Freddie Mac, the recent spike in 10-year Treasuries is one major culprit behind rising mortgage rates. ...
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