Mortgage rates in the US hit their highest level in seven months last week, as rates rose for five consecutive weeks alongside the 10-year Treasury note yields.
According to Freddie Mac, the average 30-year mortgage rates jumped by nearly a quarter to around 4.83 percent last week, the highest level since it reached 4.84 percent on May 20. Interest rates bottomed out at 4.17 percent in the week that ended November 11, while the 10-year Treasury bond yield note at 3.48 percent, up from 3.22 percent in the previous week.
The higher rates in the US mortgage market may also slow the housing recovery, as pending home sales climbed 10 percent in October. However, it would remain 20 percent below the sales recorded last year, said National Association of Realtors.