Mortgage rates stalled last week at the highest level they’ve been this year, Freddie Mac said on Thursday.
The average rate on a 30-year fixed-rate mortgage stayed at 3.87 percent with an average 0.6 point, according to Freddie Mac. It hit the 3.87 high last week but is down from 4.14 percent a year ago. As we noted last week, 3.87 percent may be high for 2015, but the rate was near 2014 lows.
In a news release, Len Kiefer, Freddie Mac’s deputy chief economist, said the stagnant rate was the result of mixed economic news.
“Mortgage rates were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon. Although real GDP growth was revised down to a negative 0.7 percent annualized rate, the Institute for Supply Management reported a modest growth in the manufacturing sector in May. If the Wednesday surge of treasury yields persists, the impact on mortgage rates is likely to result in a bout of affordability shock to many housing markets across the country.”
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 http://dc.urbanturf.com/articles/blog/3.87_mortgage_rates_stall_at_2015_high/9967
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