4.20: Mortgage Rates Back Up After Low Point

  • June 12, 2014

by Lark Turner

4.20: Mortgage Rates Back Up After Low Point: Figure 1

On Thursday, Freddie Mac reported 4.20 percent with an average 0.6 point as the average on a 30-year fixed-rate mortgage, up from 4.14 percent last week. This is the second week in a row that rates have risen after reaching their lowest point since October 2013.

A year ago, rates were 3.23 percent.

Freddie Mac’s chief economist, Frank Nothaft, attributed the rising rates to a good jobs report:

“Mortgage rates continued to climb for the second week in a row following the increase in 10-year Treasury yields. Also, the economy added 217,000 jobs in May, following a 282,000 surge in April and a 203,000 increase in March. Meanwhile, the unemployment rate in May held steady at 6.3 percent.”

We’ve been tracking the rates over time in this chart:

4.20: Mortgage Rates Back Up After Low Point: 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

This article originally published at http://dc.urbanturf.com/articles/blog/4.20_mortgage_rates_pick_back_up_after_low_point/8608

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