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Mortgage Rates Head North of 4 Percent

by Lark Turner

Mortgage Rates Head North of 4 Percent: Figure 1

On Thursday morning, Freddie Mac reported 4.02 percent with an average 0.5 point as the average on a 30-year fixed-rate mortgage.

Rates have been uncharacteristically low for much of 2014, but began rising last week, when they hit 3.98 percent. A year ago, rates were 4.16 percent.

Freddie Mac’s chief economist Frank Nothaft said in a news release that better-than-expected economic news had contributed to the rates’ rise.

“The rate increases coincide with real GDP beating consensus expectations of 3.0 percent growth by growing at an annualized rate of 3.5 percent in the third quarter. The ISM Manufacturing Index also beat expectations registering 59 in October, up from September’s reading of 56.6.”

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

Mortgage Rates Head North of 4 Percent: 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/4.02_mortgage_rates_north_of_4_percent/9194

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