U.S. mortgage rates rose again last week, reaching close to a 14-year high, according to Freddie Mac in a statement on June 23.
The average rate for a 30-year loan hit 5.81 percent, up from 5.78 percent last week, after reaching its largest one-week jump since 1987, while rates diverged from the decline in yields for 10-year treasuries.
“Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year,” reported Freddie Mac.
“The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.”…