US 30-year average mortgage rate rises to 4.08 per cent

WASHINGTON — Long-term U.S. mortgage rates marked a fifth week of surges in the aftermath of Donald Trump’s election win, reaching their highest levels this year.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed rate loan rose to 4.08 per cent from 4.03 per cent the previous week. The benchmark rate topped its 3.93 per cent level of a year ago.

The rate on 15-year home loans, a popular choice for people who are refinancing, jumped to 3.34 per cent from 3.25 per cent.

Long-term mortgage and interest rates have climbed in the four weeks since Trump’s surprise victory on Nov. 9.