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US average 30 year mortgage rate rises to 4.16 per cent

WASHINGTON _ Long-term U.S. mortgage rates climbed for the seventh straight week following Donald Trump’s election victory, again marking new highs for the year.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed rate loan rose this week to 4.16 per cent from 4.13 per cent the previous week. The benchmark rate is well above its 3.97 per cent level of a year ago.

The rate on 15-year home loans, a popular choice for people who are refinancing, ticked up to 3.37 per cent from 3.36 per cent.

Long-term mortgage and interest rates have surged in the weeks since Trump’s surprise victory in November.