Mortgage rates reached their 2015 high last week, cracking 4 percent for the first time since last fall.
The average rate on a 30-year fixed-rate mortgage averaged 4.04 percent with an average 0.6 point, according to Freddie Mac. That’s up from the last two weeks, when the mortgage rate stagnated at its previous 2015 high of 3.87 percent, but still down from a year ago, when rates were 4.20 percent.
Len Kiefer, Freddie Mac’s deputy chief economist, said in a news release that the higher rate was attributable to a strong economy:
“Mortgage rates rose above 4 percent for the first time since November 2014 as Treasury yields surged,” he said. “Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”
UrbanTurf is following the path of the rates in this chart:
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
This article originally published at http://dc.urbanturf.com/articles/blog/4.04_mortgage_rates_reach_2015_high/9992
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