Long-Term Mortgage Rates Hit Highest Level in Two Years

• December 8th 2016

by UrbanTurf Staff

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For months, UrbanTurf’s weekly report on mortgage rates focused on the common refrain that rates were at or near historic lows. Now, that has changed.

Since Donald Trump was elected president, rates have been steadily increasing, and this week, long-term rates hit their highest average in two years.

On Thursday, Freddie Mac reported 4.13 percent with an average 0.5 point as the average for a 30-year mortgage. This is the highest that rates have been since October 2014.

“The 30-year mortgage rate rose another 5 basis points to 4.13 percent, starting the month 18 basis points higher than this time last year,” Freddie Mac’s Sean Becketti said. “As rates continue to climb and the year comes to a close, next week’s FOMC meeting will be the talk of the town with the markets 94 percent certain of a quarter-point-rate hike.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/long-term_mortgage_rates_hit_highest_level_in_two_years/11959.