Average rate on a 30-year mortgage in the US rises to the highest level in 8 weeks

AP Business Writer

The average rate on a 30-year mortgage in the U.S. moved higher for the third week in a row and reached the highest level since late August. The rate rose to 6.44% from 6.32% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.63%. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield on the 10-year Treasury was at 4.09% Thursday, up from 3.62% in mid-September.