WASHINGTON – The average long-term U.S. mortgage rate hit a three-month high last week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.65 percent from 6.5 percent the week before. The average rate a year ago was 3.76 percent.