Mortgage Rates Rise...Again
30-year mortgage rates are at their highest levels since July 2015.
This week, Freddie Mac's weekly survey of more than 100 mortgage lenders shows rates on a record run higher. Conventional 30-year fixed rate mortgages increased another 5 basis points (0.05%) from last week's reading. Rates rose to 4.08% nationwide, on average.
In all, rates are up 51 basis points (0.51%) in three weeks.
The after-effects of the U.S. presidential election sent rates skyward, as the market absorbed proposed policies of the incoming administration.
Historically, though, rates are still low. The 30-year fixed rate has averaged more than 8% over the past 45 years. Rates are now around half that.
As a consumer, you are probably not yet priced out of a home purchase or refinance.
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