U.S. rates climb to a nearly 4-year peak

Long-term U.S. mortgage rates jumped this week to their highest level in nearly four years, a sign that the prospect of higher inflation is steadily increasing the cost of borrowing to buy a home. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages rose to 4.38% this week, up from 4.32% last week and the highest since April 2014. The rate on 15-year, fixed-rate loans rose to 3.84% from 3.77% last week. Recent wage gains and rising prices are stoking concerns about inflation picking up, which has caused investors to seek higher interest rates.

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Source: AP