Mortgages rates rise: 30-year hits 4-month high 3.95 per cent

WASHINGTON – Long-term mortgage rates rose this week to the highest level in months.

Mortgage giant Freddie Mac says the rate on benchmark 30-year, fixed-rate mortgages hit 3.95 per cent, up from 3.90 per cent last week and highest since July. A year ago, it stood at 3.94 per cent. The rate on 15-year home loans, popular among those who refinance mortgages, climbed to an average 3.31 per cent, highest since April and up from 3.24 per cent last week and 3.14 per cent a year ago.

Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which blipped higher this week.

The rate on five-year adjustable rate mortgages slipped to 3.21 per cent this week from 3.22 per cent last week. A year ago, it was 3.07 per cent.