News Summary: US mortgage rates jump to year high

The Associated Press
May 30, 2013

RATES JUMP: Average U.S. rates on fixed mortgages jumped this week to their highest levels in a year, signaling slightly higher costs for homebuyers. But rates still remain low by historical measures.

THE NUMBERS: The average rate on the 30-year loan rose to 3.81 percent, up from 3.59 percent last week. The record low is 3.31 percent. The rate on the 15-year mortgage increased to 2.98 percent from 2.77 percent last week. The record low is 2.56 percent.

THE REASON: Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note. That rose this week to its highest level in 13 months.