Average long-term mortgage rates have been rising steadily this year and are now at the highest level in almost four years. Recent wage gains and rising prices are stoking concerns about inflation picking up, which has caused investors to seek higher interest rates. Mortgage rates are closely aligned with the yield on 10-year U.S. Treasury notes, which has climbed above 2.90 percent from 2.43 percent at the end of last year. If mortgage rates keep rising at a quick pace, it could limit what people can afford to pay and cause demand for housing to fall. "The first home I bought in the '80s was at double-digit interest rates," said Mark Hamrick, senior economic analyst at Bankrate.com.

Source: ABC News February 15, 2018 15:03 UTC