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Key rate moves above 4 percent mark


The key 30-year fixed mortgage rate has climbed over the 4 percent mark for the first time this summer, Freddie Mac reported.

Through Wednesday, the rate averaged 4.03 percent, up seven basis points from the prior week. A year ago, the rate averaged 3.42 percent. Other key rates also rose.

"After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” said Sean Becketti, chief economist at Freddie Mac. 


 

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