Mortgage Rates in US Climb Again

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Average mortgage rates in the U.S. reached a new high for the year this week, ending a period of stabilization. 

The average rate for 30-year fixed-rate mortgage is 4.58 percent, up from last week's 4.40 percent, according to the latest report from Freddie Mac. This compares to an average 3.66 percent this time last year. 

The latest increase in mortgage rates coincides with the industry's concern of upcoming announcements from the Federal Reserve, which continues to hint that it soon start to taper its bond purchases. 

"Fixed mortgage rates continued to follow bond yields higher leading up to the August 21st release of the Federal Reserve monetary policy committee's minutes for July," Frank Nothaft, vice president and chief economist of Freddie Mac said in the release. "In its July 30th and 31st meetings, the committee members were broadly comfortable with a plan to start reducing its bond purchases later this year, although a few emphasized the importance of being patient."

Last week mortgage rates showed stabilization after weeks of fluctuating. New rate increases could impact the rebounding housing market. However, the National Association of Realtors reported a jump in July existing home sales while home builders continued to show confidence in the industry.