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Rates push to a seven-year high


The key 30-year fixed mortgage rate pushed to a more than seven-year high this week, rising for the fifth consecutive week, Freddie Mac reported.

The rate averaged 4.72 percent, up seven basis points and the highest level since April 28, 2011, Freddie said.

“The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up,” Freddie’s Chief Economist Sam Khater said.

A year ago, the 30-year fixed rate was 3.83 percent. Other key rates also rose.

Despite the rising rates, Khater said the housing market has shown some signs of life lately, with an increase in properties for sale and a cooling off of home prices. He noted that home-purchase mortgage applications have been up for six consecutive weeks.

“Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success,” Khater said. 


 

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