2018 is becoming the year that long-term interest rates decided to head north.
On Thursday, Freddie Mac reported 4.22 percent with an average 0.5 point as the average for a 30-year mortgage, the highest that long-term rates have been since March 2017 and a seven basis point jump since last week.
"The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty," Freddie Mac deputy economist Len Kiefer said in a release. "The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time."
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-keep-rising-hit-highest-level-since-last-mark/13519.
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