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Mortgage Rates Rise, Freddie Mac Says, but Jumbo Loans Are Cheap

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(MCT)—With interest rates rising, it’s getting harder to find a great deal on a home loan these days — unless you’re rich enough to be looking for a jumbo mortgage.

Mortgage rates rose early this week, Freddie Mac said in its latest report, with lenders offering a 30-year fixed home loan to solid borrowers at an average of 4.57 percent — up from 4.51 percent last week and a full percentage point higher than a year ago.

Rates for 15-year fixed mortgages and adjustable loans also edged higher, a trend Freddie Mac chief economist Frank Nothaft attributed to a healthier-looking economy. He pointed to stronger growth in the gross domestic product and other indicators.

Additional positive economic reports Thursday drove the yield on the 10-year Treasury note — a benchmark for fixed mortgage rates — to nearly 3 percent. That was its highest level since July 2011, and home lending rates were volatile but continuing to move higher, mortgage professionals said.

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