Another surge in interest rates last week pushed prospective U.S. homebuyers to act as demand for applications for mortgages rose for the first time in a month, data from an industry group showed on Wednesday.
Fixed 30-year mortgage rates rose to their highest level since last March to average 4.15 percent in the week ended June 7, up 8 basis from the week before, the Mortgage Bankers Association said.
Rates have jumped in recent weeks on worries that the Federal Reserve could slow its economic stimulus program sooner than had been expected. The Fed is buying $85 billion in securities a month to keep borrowing rates low.
Mortgage rates are up 56 basis points since the start of May.