Freddie Mac: Mortgage rates hit highest point this year
· According to Freddie Mac, Mortgage rates are at their highest level in four years, raising concerns inflation could impact home-buyers and sellers.. interest rates hit four-year high Mortgage rates loosely follow the rise and fall of 10-year treasury yields, now hovering just shy of 3.1 percent, near a five-year high.
Mortgage rates reach seven-year high in a housing market reckoning. The 30-year fixed-rate mortgage averaged 4.61% in the week ending May 17, mortgage finance provider Freddie Mac said Thursday. That was a 6 basis point jump, and marked the highest for the popular product since May, 2011. The 15-year fixed-rate mortgage averaged 4.08%,
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Sam Khater, Freddie Mac’s chief economist, says, "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 percent – up 11 basis points from last week."
Interest rates on U.S. 30-year fixed-rate mortgages rose to their highest levels in more than four years in step with a jump in bond yields, Freddie Mac said on Thursday.
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· Mortgage rates hit 7-year high, crimping home sales. up nearly a full percentage point from 2.33 percent a year ago. To calculate average mortgage rates, Freddie Mac.
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Fixed mortgage rates this week hit their highest point this year, with the average rate for a 30-year, fixed-rate mortgage (FRM) reaching 4.13%, up from 4.08% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the 30-year FRM averaged 3.95%.
Freddie Mac conducts a survey with mortgage lenders each week on the rates and points for their most popular 30-year fixed rate mortgage, 15-year fixed rate mortgage, 5/1 ARMs, and 1-year ARMs. The survey is based on first lien prime conventional conforming mortgages with a loan-to-value of 80 percent.
Mortgage Rate History: 1971 to Today. After reaching a high of nearly 19% in 1981, mortgage rates have steadily declined and remained in the low single digits. Since the housing crisis in 2008, rates have consistently stayed under 6%, with the rate on 30-year fixed-rate mortgages bottoming out at 3.31% in November 2012.
According to Freddie Mac, the average 30-year fixed-rate mortgage is 4.9 percent. Although rates have been rising for months, 5 percent isn’t that high compared to the decade before the.