USA 30-year mortgage rates hit 7-year peak -Freddie Mac

Cornelia Mascio
Mag 18, 2018

With mortgages rates at a seven-year high, homebuyers are moving more quickly, Bloomberg reported.

Mortgage rates reversed last week's decline and jumped to the highest in eight years, according to Freddie Mac's latest weekly survey. A week earlier, 30-year rates averaged 4.55 percent, the US mortgage finance agency said.

"Mortgage rates loosely follow the rise and fall of 10-year Treasury yields, now hovering just shy of 3.1 percent, near a five-year high".

"Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week", says Freddie Mac chief economist Sam Khater.

"Not only are buyers facing higher borrowing costs, gas prices are now at four-year highs just as we enter the important peak home sales season", Khater said.

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