Compare Listings

Rates Hit Highest Level in Seven Years

Rates Hit Highest Level in Seven Years

Mortgage rates reversed course and soared to the highest averages in seven years, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 4.61 percent this week, which matches the highest level since May 19, 2011.

“Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week,” says Sam Khater, Freddie Mac’s chief economist. “Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season. While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels of buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 17:

  • 30-year fixed-rate mortgages: averaged 4.61 percent, with an average 0.4 point, rising from last week’s 4.55 percent average. Last year at this time, 30-year rates averaged 4.02 percent.
  • 15-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.4 point, increasing from last week’s 4.01 percent average. A year ago, 15-year rates averaged 3.27 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.82 percent, with an average 0.3 point, rising from last week’s 3.77 percent average. A year ago, 5-year ARMs averaged 3.13 percent.

Source: Freddie Mac

Source: http://realtormag.realtor.org/daily-news/2018/05/18/rates-hit-highest-level-in-7-years

img

Senyors

Related posts

Create the Most Inviting Outdoor Space

No matter how big or small a home, terraces, porches, or backyards are skyrocketing in importance...

Continue reading
Senyors
by Senyors

‘I’d Risk COVID-19 Exposure for My Ideal Home’

A surprising number of house hunters have declared just how important it is to find their dream...

Continue reading
Senyors
by Senyors

Mortgage Rates Remain at All-Time Low

The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for...

Continue reading
Senyors
by Senyors