Mortgage Rates Edge Up, Rising For 8th Week in a Row
On Thursday, Freddie Mac reported 4.43 percent with an average 0.5 point as the average for a 30-year mortgage, a three basis point jump since last week. Long-term rates are now at their highest level since January 2014.
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"Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December," Freddie Mac deputy economist Len Kiefer said in a release. "Following Treasurys, the 30-year fixed mortgage rate jumped 3 basis points to reach 4.43 percent in this week's survey. The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for 8 consecutive weeks."
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/mortgage-rates-edge-up-rising-for-8th-week-in-a-row/13627.
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