4.35%: Rates Climb For the Second Week in a Row

• November 14, 2013

by Shilpi Paul

For the second week in a row, mortgage rates increased.

On Thursday morning, Freddie Mac reported 4.35 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

This marks a significant jump up from last week, when rates averaged 4.16 percent. A week before that, rates were at 4.10 percent.

It is a little hard to believe that just a year ago, long-term rates were nearing their all-time low of 3.31 percent.

From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:

Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus.

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.

Here’s a look at the path of rates since January 2010:

This article originally published at https://dc.urbanturf.com/articles/blog/4.35_rates_climb_for_the_second_week_in_a_row/7823