By Ben Mitchell | USA TODAY
30-year rate takes biggest one-week leap since 1987 in Freddie Mac survey
15-year rate rises to 3.50%
Higher rates could slow housing recovery’s progress
U.S. mortgage rates surged this week, reaching their highest level in two years and threatening to slow the housing industry’s steady recovery.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed loan jumped to 4.46% this week, the highest level since June 2011. That’s up from 3.93% from the previous week.
It was the largest weekly increase in the 30-year rate since April 1987, Freddie Mac said.
The average rate on the 15-year mortgage jumped to 3.50% from 3.04%. That’s the highest since August 2011. A year ago, the rate on the 15-year mortgage was at 2.94%.
