4.08: Mortgage Rates Reach New 2015 High

• July 2, 2015

by Lark Turner

Mortgage rates reached a new 2015 high last week, Freddie Mac reported on Thursday morning.

Rates headed north to 4.08 percent with a 0.6 point, the mortgage giant said, after weeks of hovering around the 4.0 mark. Rates are up from 4.02 two weeks ago and nearly on par with rates a year ago, when they averaged 4.12 percent. The previous 2015 high was 4.04.

In a news release, Freddie Mac’s chief economist Sean Becketti said uncertainty in overseas financial markets, mostly due to Greece’s debt crisis, drove rates up.

“Overseas events are generating significant day-to-day volatility in interest rates,” Becketti said. “Nonetheless, the week-to-week impact on most rates was modest — the 30-year mortgage rate increased just 6 bps, to 4.08 percent. The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing — pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase.”

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.

This article originally published at http://dc.urbanturf.com/articles/blog/4.08_mortgage_rates_reach_new_high_for_2015/10076