Mortgage rates in USA reached seven-year high

Mortgage rates in USA reached seven-year high
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Mortgage rates in the USA have reached this week the highest level since May 2011, according to a weekly survey of Freddie Mac state mortgage company.

The average fixed interest rate for the 30-year mortgage has risen by 6 basis points in the week up to 4.61% per annum. Fifteen-year loans are now provided at an average interest rate of 4.08% versus 4.01% a week earlier.

The rate does not take into account potential commissions and other payments related to mortgages, the report says.

The rise in the price of mortgage loans is due to the growth in the yield of US government bonds. Thus, the yield of 10-year state securities this week also reached a record since 2011 and exceeded 3.1%.