Mortgage rate rises above 4 percent for first time since October

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – The rate on a 30-year fixed mortgage climbed above 4 percent for the first time since October, Freddie Mac reported Thursday.

In its weekly report, the mortgage giant noted the average rate on the 30-year fixed rate mortgage increased to 4.08 percent in the week ending March 22. That was up from 3.92 percent in the prior week. A year earlier, the rate rested at 4.81 percent.

The 15-year-fixed rate mortgage rose to 3.30 percent in the latest week. That was up from 3.16 percent in the previous week.

Economists say that mortgage rates are inching higher along with improved economic data, and are catching up with increases in U.S. Treasury bond yields.

The housing market has been showing mixed signs of recovery, and the unemployment situation appears to be improving.

However, higher rates slow mortgage activity.

Article © AHN – All Rights Reserved

All Stories

You can leave a response, or trackback from your own site.

Leave a Reply