For the first time since October 2011, long-term mortgage rates are back above 4 percent.
This morning, Freddie Mac reported 4.08 percent with an average 0.8 point as the average on a 30-year fixed mortgage. In light of positive economic news, rates began to move back up last week, when they reached 3.92. Two weeks ago, average rates were at 3.88 percent.
From Freddie Mac vice president and chief economist Frank Nothaft:
Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests and the likelihood of a second bailout for Greece. Meanwhile, consumers continued to reduce their debt burdens in the fourth quarter of 2011.
Here’s a look at the path of rates since last January:
This article originally published at http://dc.urbanturf.com/articles/blog/mortgage_rates_above_4_percent_for_the_first_time_since_october/5319
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