Mortgage rates continue to climb

Mortgage rates rose again last week, hitting their highest level since July, according to The Wall Street Journal.

The 30-year-fixed-rate mortgage averaged 4.66% last week, increasing from 4.56% two weeks ago. Although it’s still below the year-to-date average of 4.74%, the rate has jumped sharply since hitting a low of 4.21% in October.

The rise will likely hamper refinance activity, which was down 1% for the week and 8% from a year ago.

Mortgage rates are closely tied to the 10-year Treasury, which has risen in recent weeks and jumped the past few days after the tax-cut compromise.