On Wednesday, long-term mortgage rates rose above 4 percent for the first time since the end of 2015. Long-term rates averaged 4.03 percent with an average 0.5 point.
“In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points,” Freddie Mac chief economist Sean Becketti said in a statement. “The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”
The last time rates were above 4 percent was New Year’s Eve 2015.
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 http://dc.urbanturf.com/articles/blog/mortgage_rates_jump_above_4_percent/11917
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