U.S. mortgage rates have grown for five straight weeks, in the last week hitting their highest levels in seven months. Ten-year Treasury note yields have been climbing on inflation concerns, driving the higher rates.
Further monetary action by the Fed may be warranted because of high unemployment rates and low inflation, said Federal Reserve Bank of New York President William Dudley during a speech Friday at the Society of American Business Editors and Writers conference in New York.
In a welcome sign of investor confidence in an economic recovery, U.S. interest rates grew for the third day in a row as people moved funds from bonds to stocks. But will higher interest rates slow the housing market?