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Mortgage Interest Rates Rise to Highest Level of the Year

Mortgage Interest Rates Rise to Highest Level of the Year

 

Mortgage interest rates rose to 4.09%, the highest level since October of last year, as the markets react to economic volatility overseas—and don’t say we didn’t warn you.

We reported in March that the Fed was itching to raise interest rates this summer. The average 30-year fixed-rate mortgage was 4.04% last week, according to Freddie Mac.

“Rates rose about 16 basis points on the 10-year Treasury from last week,” said Sean Becketti, chief economist at Freddie Mac. “As a result, the average rate on a 30-year fixed-rate mortgage rose 5 basis points this week to 4.09%, the highest level since October of last year.”

Still, buyers are willing to trade astronomical rent payments for the stability of a mortgage. Loan applications for new-construction homes rose 1% in June, according to the  Mortgage Bankers Association.

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