Economic Report: Mortgage rates surge to highest since 2013

Rates for home loans throttled to a near-five-year high as strong economic data and rising commodity prices drove a selloff in bonds.

The 30-year fixed-rate mortgage averaged 4.58%, according to Freddie Mac’s weekly survey, out Thursday. That marked an 11 basis point gain during the previous week, and the highest since August 2013. The 15-year fixed-rate mortgage averaged 4.02%, up from 3.94%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.74%, up 7 basis points during the week.

Those rates don’t include fees associated with obtaining mortgage loans.

Mortgage rates follow the yields of the benchmark U.S. 10-year Treasury note TMUBMUSD10Y, -0.99% .

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