USA: Mortgage Rates Rise to 9-Month High.

The average rate on a 30-year fixed-mortgage was rose by 15bps from the previous week to 6.51% as of May 21st, the highest in nine months, according to data compiled by Freddie Mac. The jump was aligned with the increase in long-term Treasury yields over the period, as soaring energy prices and robust labor market data raised expectations of a potential rate hike by the Federal Reserve. The yield on the 30-year Treasury bond, closely related to MBS of the same maturity, rose to its highest since 2007. “As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands." said Sam Khater, Freddie Mac’s Chief Economist.