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UPDATE 1-U.S. 30-year mortgage rates reach 16-month high
November 23, 2016 / 5:06 PM / in a year

UPDATE 1-U.S. 30-year mortgage rates reach 16-month high

(Adds details, table)
    NEW YORK, Nov 23 (Reuters) - The average interest rate on
U.S. 30-year fixed-rate mortgages rose above 4 percent to a
16-month high, in step with rising U.S. government bond yields,
mortgage finance agency Freddie Mac said on Wednesday.
    The borrowing cost on 30-year mortgages, the most widely
held type of U.S. home loan, averaged 4.03 percent in the week
ended Nov. 23, which was the highest since 4.04 percent in the
week of July 23, 2015. Last week, 30-year mortgage rates
averaged 3.94 percent, it said.
    Average rates on 15-year fixed mortgages rose to their
highest since early January, while average five-year adjustable
loan rates reached their highest since April 2014, according to
Freddie Mac.
    On Wednesday, benchmark 10-year Treasury yields rose as high
as 2.417 percent, a 16-month peak, after a report showing 
stronger-than-expected data on durable goods orders in October.
    Since Donald Trump's U.S. presidential victory on Nov. 8,
ten-year Treasury yields have risen more than half a percentage
point as traders scale back their bond holdings on worries about
rising inflation that could result from tax cuts and lower
federal spending during the Trump administration.
    Below is a summary of Freddie Mac's average mortgage rates
in the week ended Nov. 23:
 Loan type      Latest week (pct)  Week ago (pct)  Year ago (pct)
 30-year fixed  4.03               3.94            3.95
 15-year fixed  3.25               3.14            3.18
 5-year ARM     3.12               3.07            3.01

 (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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