Mortgage rates reach highest point in 2 years
Updated: Thursday, July 11 2013, 09:42 PM EDT
(NEWSCHANNEL 3) - It's getting more expensive to borrow money for a house these days, as mortgage rates are the highest they've been in two years.
Freddie Mac says the average rate on a 30 year fixed-rate mortgage is now 4.5 percent.
Just two months ago, the rate was 3.35 percent, nearly a record low.
Low mortgage rates have helped to fuel a housing recovery over the last year.
Mortgage rates are following bond rates, which rose after the Federal Reserve hinted it might stop its bond buying stimulus program.