WASHINGTON | Long-term U.S. mortgage rates climbed upward this week, slightly worsening affordability for homebuyers.
Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose to 4.47 percent from 4.42 percent last week. This benchmark rate averaged 3.97 percent a year ago.
Home borrowing costs have increased as the yield on the 10-year U.S. Treasury note has risen from 2.78 percent last week, to 2.9 percent early Thursday. The interest paid by the government is up along with the federal budget deficit in the wake of President Donald Trump’s tax cuts and plans by the Federal Reserve to raise short-term borrowing rates for banks.
The average rate on 15-year, fixed-rate loans rose this week to 3.94 percent from 3.87 percent.