Long-term mortgage rates continued their upward climb on Thursday, hitting their highest level in almost four years.
On Thursday, Freddie Mac reported 4.38 percent with an average 0.6 point as the average for a 30-year mortgage, the highest that long-term rates have been since April 2014 and a six basis point jump since last week.
"Wednesday's Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January two tenths of a percentage point higher than the consensus forecast," Freddie Mac deputy economist Len Kiefer said in a release. "Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent."
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-hit-highest-level-in-almost-four-years/13575.
Most Popular... This Week • Last 30 Days • Ever
The storied unit along P Street is now looking for a new owner.... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro