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mortgage rates carried on their steady ascent this week, moving higher for the seventh consecutive week.
Home loan rates are loosely tied to long-term bond yields, which have been on an upward march. The yield on a 10-year Treasury note climbed to 2.54 percent Wednesday, the first time it has been above 2.5 percent since September 2014. The day before the election, it was 1.83 percent.
The Federal Reserve's decision to raise its benchmark rate had no effect on rates this week because it came too late in the week to be factored into the Federal Home Loan Mortgage Corp.'s survey. The government-supported mortgage-backer aggregates current rates weekly from 125 lenders from across the country to come up with a national average mortgage rate
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