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Mortgage rates hit four-month high


The key 30-year fixed mortgage rate pushed to the highest level this week since May as rates moved higher for the fourth consecutive week, Freddie Mac reported.  

As of Thursday, the 30-year rate rose five basis points to 4.65 percent, the highest level since the survey week ending May 24 when it was 4.66 percent, Freddie reported. A year ago, the rate averaged 3.83 percent. The 15-year fixed rate and five-year adjustable rate mortgages also increased.  

“Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers,” Freddie Mac Chief Economist Sam Khater said. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions.”


 

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