Mortgage Rates at Highest in More Than a Year
By RISMedia Staff
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The average 30-year, fixed mortgage rate is at its highest in more than a year: 4.32 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). Last week, it averaged 4.22 percent.
“The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week,” says Len Kiefer, deputy chief economist at Freddie Mac. “Following a turbulent Monday, financial markets settled down, with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed. The 30-year, fixed mortgage rate is up 33 basis points since the start of the year.”
Are climbing rates reason to worry?
“It’s too early to tell for sure, but initial readings indicate housing markets are sustaining their momentum so far,” Kiefer says. “The [Mortgage Bankers Association] reported that purchase applications are up 8 percent from a year ago in their latest Weekly Mortgage Applications Survey.”