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Mortgage Rates Hit Highest Level Since December

by UrbanTurf Staff

Mortgage Rates Hit Highest Level Since December: Figure 1

Last week, long-term mortgage rates hit their highest level since December.

Freddie Mac reported 4.30 percent with an average 0.5 point as the average for a 30-year mortgage today, up nine basis points from last week. The rate announcement did not factor in the Federal Reserve’s recent decision to raise federal funds rate.

“Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30 percent this week,” Freddie Mac’s Sean Becketti said. “Increasing inflation, continued gains in the labor market and the Fed’s intentions for further rate increases — all three will keep pushing mortgage rates up this year.”

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_since_december/12350

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