Both long- and short-term mortgage rates rose to 10-month highs in Freddie Mac's latest weekly survey and the long-term, rate-indicative 10-year Treasury yield has hit a high above 5% not seen since last year, according to Yahoo! Finance.The benchmark yield was trading at 5.10% midday Thursday and the average 30-year fixed-rate mortgage rate was pegged at 6.53%. Other average rates were as follows: 15-year FRM, 6.22%; five-year hybrid adjustable-rate mortgage rate , 6.24%; and one-year Treasury-indexed ARMs, 5.65%. The rise reflected "market concerns of a tight labor force and wage growth," according to Freddie Mac vice president and chief economist Frank Nothaft.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry