Real Estate

Mortgage rates surge to highest since 2018

The average rate for a 30-year fixed-rate loan jumped to 4.67%, mortgage-finance giant Freddie Mac said Thursday, marking the weekly figure’s highest reading since December 2018.

Here's how the Fed's rate hike could impact mortgages

Though mortgage rates do not follow the federal funds rate, they do typically follow the yield on the 10-year Treasury. Following the Fed's announcement, the 10-year Treasury yield spiked to 2.246%, its highest level since May 2019.