While not at 4 percent yet, mortgage rates continue their steady climb upward.
On Thursday morning, Freddie Mac reported 3.91 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. This is a jump of 10 basis points from last week, when rates averaged 3.81 percent. At the beginning of May, rates were hovering near historic lows of 3.35 percent. Will rates reach or surpass 4 percent next week?
From Freddie Mac vice president and chief economist Frank Nothaft:
Continuing market concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy added upward pressure on mortgage rates this week. In its June 5th regional economic conditions report, known as the Beige Book, the Federal Reserve noted that overall economic activity increased at a modest to moderate pace over April and May in all its districts except for Dallas which indicated strong economic growth. In addition, pending home sales rose in April to its fastest pace since April 2010 and May’s consumer sentiment was revised upwards to its highest reading since July 2007.
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/3.91_mortgage_rates_continue_to_climb/7164
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