NEW YORK (AP) — Rates on fixed mortgages jumped from their lowest levels in decades this week.
Freddie Mac says the average rate for 30-year fixed loans rose to 4.39 percent from 4.17 percent, the lowest level on records dating back to 1971. The 15-year loan also climbed to 3.76 percent from 3.57 percent, the lowest since that survey began in 1991.
Mortgage rates rose because Treasury yields climbed to their highest level since July week. Mortgage rates tend to track those yields. Fears over the health of the economy eased on a strong retail sales report for October.
