Rates Jump Notably, 10-Year Rises Above 5%

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.