Average mortgage rates jump to seven-year high due to strong economy
"The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven-year high of 4.94% – up 11 basis points from.
When the economy is going strong and unemployment goes down, housing prices tend to rise. In a strong economy, people feel more secure in their jobs and their ability to take on mortgage debt.
Today’s Thirty Year Mortgage Rates. When purchasing a home, one of the most confusing aspects of the process is selecting a loan. There are many different financial products to choose from, each of which has advantages and disadvantages. The most popular mortgage product is the 30-year fixed rate mortgage (FRM).
The average 30-year mortgage rate was hovering around 6.5% in 2007 — before the epic housing market collapse that helped lead to the Great Recession. Still. housing prices are starting to cool.
Mortgage rates hit 10-month high. The average rate on 30-year fixed-rate loans climbed to 6.53 percent for the week ending June 7, from 6.42 percent the previous week.. which have also risen.
MBS RECAP: What Will Bonds Do If Stocks Hold Steady? Posted To: mbs commentary 10yr yields hit the highest levels in more than 4 years this afternoon as bigger-picture selling pressure looks to be taking the reigns back from the Springtime consolidation that helped rates hold steady-to-slightly lower in March. There are no big, obvious reasons for the sudden spike in rates.
The benchmark 10-year yield ripped above 3 percent and was near a seven-year high. the jump in rates, and the Dow was down nearly 1 percent in early afternoon trading, regaining some lost ground..
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Generally, a growing economy (inflation) leads to higher mortgage rates and a slowing economy leads to lower mortgage rates. Inflation also greatly impacts home loan rates. If inflation fears are strong, interest rates will rise to curb the money supply, but in times when there is little risk of inflation, mortgage rates will most likely fall.
Mortgage rate predictions for 2018: expert opinions.. the average rate for 30-year fixed mortgages is 4.08 percent. That’s well below the highs seen in early 2017.. Rates may jump; we ask.
U.S. home buyers, already contending with escalating prices, now are getting hit with the most expensive mortgage rates in seven years. Funny thing: It’s only making them move faster. The average rate.
Mortgage rates jump to 2017 high By. The 30-year fixed-rate mortgage averaged 4.21%, up 11 basis points during the week.. While average rates are the highest so far in 2017, they’re still.
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· Higher borrowing costs are making housing less affordable. The average rate on a 30-year fixed mortgage slipped this week but remained near a seven-year high of 4.85 per cent.