Mortgage Rates Hit Highest Level in Almost Four Years

• February 15th 2018

by UrbanTurf Staff

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Long-term mortgage rates continued their upward climb on Thursday, hitting their highest level in almost four years. 

On Thursday, Freddie Mac reported 4.38 percent with an average 0.6 point as the average for a 30-year mortgage, the highest that long-term rates have been since April 2014 and a six basis point jump since last week. 

"Wednesday's Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January two tenths of a percentage point higher than the consensus forecast," Freddie Mac deputy economist Len Kiefer said in a release. "Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent."

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/mortgage-rates-hit-highest-level-in-almost-four-years/13575.