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Mortgage rates hit a month high

Key fixed mortgage rates ticked up for the third consecutive week, Freddie Mac reported.

As of Thursday, the 30-fixed rate averaged 4.6 percent, up six basis points from the prior week. A year ago, the rate was at 3.78 percent.

“Mortgage rates are currently 0.82 percent higher than a year ago, which is the biggest year-over-year increase since May 2014,” Freddie’s Chief Economist Sam Khater said.

“Looking ahead, annualized comparisons for mortgage applications may look weaker than they appear, but that’s primarily because of the large spread between mortgage rates now and last September, which was when they reached their low for the year.”

Khater predicted the homebuyer demand would remain strong given “this spectacular stretch of solid job gains,” but long-term mortgage rates would also likely continue to tick up as the Federal Reserve pushes up the federal funds rate.

The 15-year fixed rate rose seven basis points to 4.06 percent, and five-year adjustable rate mortgages were unchanged at 3.93 percent, Freddie Mac reported. 


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