Mortgage Rates Go Up to Highest Level in Seven Years

Exterior wall of an older building in Fort Lauderdale,FL
Exterior wall of an older building in Fort Lauderdale,FL

Freddie Mac released it’s Primary Mortgage Market Survey on May 17th, 2018. It shows U.S weekly average mortage rates.

Freddie Mac 5_17_2018. Primary Mortgage Market Survey
Freddie Mac. Primary Mortgage Market Survey. US weekly average mortgage rates for the last 10 years

For the week ending of  May 17th, 2018, 30-year fixed mortgage rate went up by six (6) points since the last week’s survey, and reached 4.61 percent. This matched the highest level since May 19th,2011. The 30-year fixed mortgage increased by 59 points in one year- when in May 18th, 2017 rate was 4.02%.

For the week ending of May 17th, 2018, 15-year fixed mortgage rate went up by seven (7) points since the last week’s survey, and now  it reached 4.08 percent. 15-year FRM increased by 81 points since the last year when it was 3.27 percent.

 

Freddie Mac 5_17_2018. US weekly avera mortgage rates
Freddie Mac – Primary Mortgage Survey. US weekly average mortgage rates os af 5/17/2018

When the interest rates are higher, the home-buyer has to pay more money when getting a loan.

The buyer gets a smaller house. If there is a set amount of money to be spend a month by a home-buyer, then a buyer has to spend more money for interest. There is less money left a month for an actual loan principal to pay.

One thought on “Mortgage Rates Go Up to Highest Level in Seven Years

  1. Pingback: Mortgage Rates Just Keep Going Up – DeNapoli Group

Comments are closed.