Mortgage Rates Climb to 7-Month High

Mortgage Rates for U.S. Loans Climb to 7-Month High Dec. 30 (Bloomberg) -- Mortgage rates for U.S. loans climbed to a seven-month high, increasing borrowing costs for homebuyers The average rate for a 30-year fixed loan rose to 4.86 percent in the week ended today from 4.81 percent, Freddie Mac said in a statement. The average 15-year rate advanced to 4.2 percent from 4.17 percent, the mortgage-finance company said. Rising home loan rates may limit homebuyer demand as housing remains a weak link for the economy. Home prices in October fell 0.8 percent from a year earlier, the largest year- over-year decline since December 2009, the S&P/Case-Shiller index of property values showed this week.