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18.03.2021, 15:01

U.S. mortgage rates climb to highest since June

Bloomberg reports that Freddie Mac data showed that U.S. mortgage rates rose for a fifth straight week, reaching the highest level in nearly nine months.

The average for a 30-year, fixed loan was 3.09%, up from 3.05% last week and the highest since June 25.

The yield on the 10-year Treasuries that guide mortgage rates has ticked up above 1.7% for the first time since January 2020.

Borrowing costs have been climbing since finding a nadir in January. While they remain low by historical standards, the rise threatens to crimp the pandemic housing rally. Mortgage companies posted record profits in 2020 amid a flood of applications to purchase homes and refinance debt.

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