Rates hit four-year high. The key mortgage rate moved up sharply this week to a level not seen since 2013, Freddie Mac reported. Through Wednesday, the 30-year fixed rate averaged 4.58 percent, up 11 basis points, Freddie reported. Other key rates also rose.
CLEVELAND, Ohio — Mortgage rates have hit their highest level in four years as they’ve increased for the eighth week in a row. The average 30-year rate this week is 4.43 percent nationwide.
Mortgage rates hit four-year high, adding $50 a month to typical home purchase. By Tribune Content Agency. By Teresa Dixon Murray, The Plain Dealer, Cleveland. CLEVELAND, Ohio – Mortgage rates have hit their highest level in four years as they’ve increased for the eighth week in a row.
Mortgage rates hit 7-year high | WTOP – 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. Related Stories Surprise: DC-area April home sales hit 10.
From Freddie Mac’s weekly survey: On the heels of prime rate moving up one-quarter to 5.25 percent this week, the 30-year fixed rate averaged 4.72 percent, up 7 basis points from last week.
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That was up three basis points from the prior week and leaves rates nearly half-a-percentage point higher than the level at which they started the year. The 15-year fixed-rate mortgage averaged 3.90%, up from 3.85%. The 5-year treasury-indexed hybrid adjustable-rate mortgage averaged 3.62%, down three basis points.
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The Driving Force Behind Mortgage Rates An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. In both cases it keeps the economy moving by.
However, in the short term, these rising rates may cause buying activity, demand, and values to spike as buyers move to purchase quickly before homeownership is out of their reach. According to Freddie Mac, national average mortgage rates rose to 4.38 percent last week on a 30-year fixed-rate mortgage. That rate, while still historically low, is the highest posted since April 2014. 15-year fixed-rate mortgage interest rates averaged 3.84 percent (up slightly from the previous week), and five.
The increase is a new challenge for a housing market that has been central to the recovery but remains sensitive to even modest headwinds.
Rising interest rates are now clearly taking their toll on potential homebuyers. total mortgage application volume fell 4 percent week to week.