30-year-mortgage rate soars to almost 2-year high

30-year-mortgage rate soars to almost 2-year high

Mortgage rates hit a new high

Mortgage rates hit a new high

By Ruth Mantell, MarketWatch

Mortgage rates soared over the past week, after the Federal Reserve suggested it could start tapering bond purchases this year, with the popular 30-year fixed-rate mortgage rate hitting the highest level in almost two years, according to data released Thursday.

The average rate for the 30-year fixed-rate mortgage rose to 4.46% in the week ending June 27, the highest rate since July 2011
, and up from 3.93% in the prior week, Freddie Mac said in its weekly report. The latest weekly result is also the first time the rate has reached above 4% since March 2012.

That gain of 53 basis points is the largest weekly change since 1987. A year ago, the 30-year rate averaged 3.66%.

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