Mortgage rates made a huge leap this week, reaching their highest level in a year.
On Thursday morning, Freddie Mac reported 3.81 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage. To put that number in perspective, last week rates were at 3.51 percent. At the beginning of May, rates were hovering near historic lows of 3.35 percent.
From Freddie Mac vice president and chief economist Frank Nothaft:
Fixed mortgage rates followed long-term government bond yields higher following a growing market sentiment that the Federal Reserve may lessen its accommodative policy stance. Improving economic data may have encouraged those views. For instance, the Conference Board reported that confidence among consumers rose in May to its highest level since February 2008. Meanwhile, the S&P/Case-Shiller® 20-city composite index for March rose to its highest reading since November 2008 (seasonally adjusted). All 20 cities had positive monthly gains, led by a 3.2 percent increase in Las Vegas.
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.
Here’s a look at the path of rates since January 2010:
This article originally published at http://dc.urbanturf.com/articles/blog/3.81_mortgage_rates_rise_to_the_highest_level_in_a_year/7134
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