Home buyers looking to lock in lower mortgage rates may want to make a move now. Freddie Mac reports today that fixed mortgage rates climbed to 4.30 percent for a 30-year-fixed rate and averaged 3.52 percent for a 15 year. Rates have steadily been moving higher in recent weeks and are now at a two-year high.
“A week after the only rate hike of 2016, the mortgage industry digested the Fed’s decision and this week’s survey reflects that response. Following Yellen’s speech last Wednesday, the 10-year Treasury yield rose approximately 10 basis points. The 30-year mortgage rate rose 14 basis points to 4.30 percent, reaching highs we have not seen since April 2014,” said Sean Becketti, chief economist for Freddie Mac, in the news release.
In other headlines:
Existing-Home Sales Forge Ahead in November – National Association of REALTORS® (NAR)
Housing Shortage for How Long? – NAR Economists’ Outlook blog