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3.80: Mortgage Rates Continue to Climb

by Lark Turner

3.80: Mortgage Rates Continue to Climb: Figure 1

Mortgage rates climbed this week for the third week in a row, bucking the broader trend of the last year.

The average rate on a 30-year fixed-rate mortgage was 3.80 percent with an average 0.6 point this week, according to Freddie Mac. That’s up from 3.76 last week and down from 4.37 percent a year ago.

In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said positive housing trends were leading the rise in rates.

“Mortgage rates rose for the third consecutive week in February following solid housing data,” he said. “New home sales beat market expectations at an annual pace of 481,000 units, down slightly from 482,000 units in December, but up 5.3 percent from a year ago. Also, the S&P/Case-Shiller National House Price Index rose 4.6 percent over the 12 months ending in December 2014.”

UrbanTurf is following the path of the rates in this chart:

3.80: Mortgage Rates Continue to Climb: Figure 2

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.

See other articles related to: mortgage rates, freddie mac

This article originally published at https://dc.urbanturf.com/articles/blog/3.80_mortgage_rates_continue_to_climb/9577

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