30-year home loan rate peaks highest in seven years
For years the United States has typically enjoyed a low average rate for home loans. This is becoming rare nowadays compared with the average home loan rate we’ve been seen in the last months.
Freddie Mac reports this week that the average rate for a 30-year loan has hit a seven-year high: 30-year rate for home loans is now 4.61 percent.
This is the highest average rate since the year 2011.
Sam Khater, Freddie Mac’s chief economist, says that the “Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week.”
The housing market, affected already by a national low inventory, an increase in construction costs, and average higher prices, may see a push on buying from a sector that wants to lock on a rate that seems to be on the rising.
Freddie Mac is a public government-sponsored enterprise, headquartered in Tysons Corner, Virginia, it’s legal name is the Federal Home Loan Mortgage Corporation.
For more on this subject, please read the Mortgage Rates Move Up to Highest Level in Seven Years
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