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Long-term mortgage rates climb to 4.40 per cent

Long-term mortgage rates climb to 4.40 per cent | iNFOnews.ca
This Jan. 22, 2018, photo shows a sold sign in front of a home in Mount Lebanon, Pa. Freddie Mac reports on the week's average U.S. mortgage rates on Thursday, Feb. 22, 2018. ( (AP Photo/Gene J. Puskar)

WASHINGTON – Long-term U.S. mortgage rates crept higher this week, upping the costs of borrowing to purchase a home just as more of the millennial generation is entering the real estate market.

The rate on 15-year, fixed-rate loans rose to 3.85 per cent from 3.84 per cent last week.

Mortgage rates closely track the yield on 10-year U.S. Treasury notes, which have climbed to 2.92 per cent from 2.46 per cent at the start of the year. Interest costs are rising in response to rising government debt levels and greater inflation.

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