4.57: Rates Remain High

• September 5, 2013

by Shilpi Paul

Long-term mortgage rates rose this week, almost reaching their highest level this year.

On Thursday morning, Freddie Mac reported 4.57 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

Rates have been edging up over the last few months, though they fluctuated in August: two weeks ago, rates hit a yearly high of 4.58 percent, but last week, they dropped back down to 4.51 percent. At this time last year, rates averaged 3.55 percent.

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

Mortgage rates edged up this week on signs of a stronger economic recovery. Real GDP was revised upwards to 2.5 percent growth in the second quarter of this year. In addition, residential construction spending rose for a ninth consecutive month in July. Lastly, the manufacturing industry expanded by the fastest pace in August since June 2011.

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 http://dc.urbanturf.com/articles/blog/4.57_rates_remain_high/7517