After remaining fairly steady (and low), mortgage rates increased this past week to 4.08 percent, the highest rate in nearly six months.
The 30-year fixed-rate mortgage, a popular choice for most homebuyers, hit 4.08%, according to Freddie Mac’s weekly survey. That’s 0.16 percentage points higher than a week earlier and its first time over the 4% mark since October. The average rate for a 15-year loan also climbed, to 3.30% from 3.16% last week.
A friend of mine whose credit is sterling – no bumps or hiccups anywhere – is buying a new house at this time. Even with hungry lenders and a highly qualified buyer, she is struggling to get all her paperwork turned in that is now required. It’s slow, but recovery will come.
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