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Economic Report: Mortgage rates reach seven-year high in a housing market reckoning

Rates for home loans powered to the highest since 2011, setting up a fresh test for a housing market already strained by lean supply and surging prices.

The 30-year fixed-rate mortgage averaged 4.61% in the week ending May 17, mortgage finance provider Freddie Mac said Thursday. That was a 6 basis point jump, and marked the highest for the popular product since May, 2011. The 15-year fixed-rate mortgage averaged 4.08%, up 7 basis points during the week. The 5-year Treasury-indexed hybrid adjustable-rate averaged 3.82%, up from 3.77%.

Mortgage rates follow the path of the benchmark 10-year U.S. Treasury note TMUBMUSD10Y, -0.53% , which is also at its highest since 2011.

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