The average rate for a 30-year fixed-rate mortgage shot up to 4.04% in the week that ended June 11, hitting the highest rate since October 2014, from 3.87% in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. The jump was the largest weekly change since late 2013. "Markets are responding to strong employment data," said Len Kiefer, Freddie's deputy chief economist. A year ago, the 30-year rate was at 4.20%. A record low of 3.31% for the 30-year mortgage was hit in November 2012. The average rate for the 15-year fixed-rate mortgage rose to 3.25% in the latest week from 3.08% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.01% from 2.96%. The rate for a 1-year Treasury-indexed ARM fell to 2.53% from 2.59%.
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