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Mortgage rates jump to 10-month high

Mortgage rates at their highest levels since April.

Mortgage rates at their highest levels since April.

After months of historically low mortgage rates, people planning on buying or moving into a new home will be paying the highest mortgage rates the country's seen in the past 10 months.

According to results released Thursday from Freddie Mac's primary mortgage market survey, both 15-year and 30-year fixed-rate mortgages are climbing. The report lists 30-year fixed-rate mortgages climbing 0.7 points to 5.05 perent and 15-year fixed rat mortgages edged up the same number of points to 4.29 percent. A year ago, the 15-year fixed-rate mortgage level was higher than where it is now, but the 30-year fixed-rate was lower at 4.97 percent.

Frank Nothaft, vice president and chief economist for Freddie Mac, attributes the increases to the economy improving.

"Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week," Nothaft said.

While rates are on the increase, mortgage rates are still historically low. Some of the highest rates occurred in the late 1970s, when they hovered around 20 percent. Even in 2006, 30-year FRM were nearly 7 percent.