4.15: Mortgage Rates Hold Steady
On Thursday, Freddie Mac reported 4.15 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage, up from 4.12 percent last week. A year ago, rates were 4.51 percent.
Freddie Mac’s chief economist, Frank Nothaft, attributed the rising rates to a good employment report:
“Mortgage rates increased for the week as the labor market appears to be improving. Based on the employment report, released last week, the U.S. economy added 288,000 jobs in June, gained 224,000 in May and increased by 304,000 in April. Also, the unemployment rate in June fell to 6.1 percent from 6.3 percent in May.”
We’ve been tracking the rates over time 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 https://dc.urbanturf.com/articles/blog/4.15_mortgage_rates_hold_steady/8721
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