The average rate on a US mortgage has soared above 4 per cent for the first time in more than a year, reflecting recent turmoil in the bond market and threatening to undermine the Federal Reserve’s efforts to stoke the US recovery.
The rise has outstripped even the sharp jump in rates on US Treasury debt, which took many traders by surprise in May.
Economists said the upswing in homeowner borrowing costs is one of the first significant results of concern that the Fed will taper its purchases of Treasuries and mortgage-backed securities, which have been holding rates at historic lows.
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