Mortgage rates on the rise
U.S. mortgage rates have climbed to their highest level in the past 6 weeks, according to Freddie Mac and the National Association of Realtors.
Mortgage rates are 0.82% higher than a year ago, marking the largest year-over-year increase since May 2014.
Despite higher rates, Freddie Mac says buyer demand will not be deterred.
“This spectacular stretch of solid job gains and low unemployment should help keep home buyer interest elevated,” said Sam Khater, chief economist for Freddie Mac. “However, mortgage rates will likely also move up, as the Federal Reserve considers short-term rate hikes this month and at future meetings.”
For the week ending Sept. 13, Freddie Mac reported a 30-year fixed-rate mortgage averaged about 4.6%, up from the prior week’s average of 4.54%. During the same period a year ago, 30-year rates averaged about 3.78%.
In the meantime, 15-year fixed-rate mortgages are averaged 4.06%, rising from 3.99% average for the week ending Sept. 7. A year ago, 15-year rates averaged 3.08%. In the case of 5-year hybrid adjustable-rate mortgages (ARMs), the average of 3.93% is unchanged from two weeks ago. But ARMs averaged about 3.13% for the same period last year.
Mortgage rates are 0.82% higher than a year ago, marking the largest year-over-year increase since May 2014.
Despite higher rates, Freddie Mac says buyer demand will not be deterred.
“This spectacular stretch of solid job gains and low unemployment should help keep home buyer interest elevated,” said Sam Khater, chief economist for Freddie Mac. “However, mortgage rates will likely also move up, as the Federal Reserve considers short-term rate hikes this month and at future meetings.”
For the week ending Sept. 13, Freddie Mac reported a 30-year fixed-rate mortgage averaged about 4.6%, up from the prior week’s average of 4.54%. During the same period a year ago, 30-year rates averaged about 3.78%.
In the meantime, 15-year fixed-rate mortgages are averaged 4.06%, rising from 3.99% average for the week ending Sept. 7. A year ago, 15-year rates averaged 3.08%. In the case of 5-year hybrid adjustable-rate mortgages (ARMs), the average of 3.93% is unchanged from two weeks ago. But ARMs averaged about 3.13% for the same period last year.