In a departure from the downward trend, the rate on an average fixed rate 30-year mortgage edged upward to 3.66 percent with an average 0.6 point on Thursday, Freddie Mac reported. It was the first time this year that rates have done up. Last week, long-term rates stood at 3.63 percent.
Len Kiefer, Freddie Mac’s deputy chief economist, said in a news release that strong economic news had sent rates upward.
“Mortgage rates ticked up this week for the first time in 2015 following positive home sales reports. New home sales surged 11.6 percent in December beating market expectations. Likewise, existing home sales rose 2.4 percent to an annual rate of 5.04 million homes in December.”
UrbanTurf is tracking the path of the rates in this chart:
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at https://dc.urbanturf.com/articles/blog/3.66_mortgage_rates_edge_upward/9467.
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