Mortgage rates in the U.S continued their rapid rise, reaching a level not seen in more than three years, Bloomberg News reported. The average for a 30-year loan was 4.42%, up from 4.16% last week and the highest since January 2019, Freddie Mac said in a statement Thursday. Borrowing costs tracked another increase in 10-year Treasury yields. The Federal Reserve lifted the benchmark interest rate by a quarter percentage point last week, with more hikes possible in the coming months. Russia’s invasion of Ukraine has roiled supply chains and financial markets, raising the stakes of the Fed’s fight to tame inflation. “The rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market,” Sam Khater, Freddie Mac’s chief economist, said in the statement.
