Mortgage rates reach highest level in years
Updated: Saturday, August 3 2013, 12:23 AM EDT
(NEWSCHANNEL 3) - Rates on fixed mortgages in the United States jumped to their highest levels this week.
Freddie Mac's rates on 30-year fixed rate home loans spiked to an average of 4.46 percent this week--the largest weekly increase in more than 26 years.
That's up from 3.93 percent.
The rate on a 15-year-mortgage rose to 3.5 percent, up from 3.4 percent--the highest level since August 2011.
Interest rates jumped after the Federal Reserve announced it will slow bond purchase this year if the economy gets stronger.