(MCT)—With interest rates rising, it’s getting harder to find a great deal on a home loan these days — unless you’re rich enough to be looking for a jumbo mortgage.
Mortgage rates rose early this week, Freddie Mac said in its latest report, with lenders offering a 30-year fixed home loan to solid borrowers at an average of 4.57 percent — up from 4.51 percent last week and a full percentage point higher than a year ago.
Rates for 15-year fixed mortgages and adjustable loans also edged higher, a trend Freddie Mac chief economist Frank Nothaft attributed to a healthier-looking economy. He pointed to stronger growth in the gross domestic product and other indicators.
Additional positive economic reports Thursday drove the yield on the 10-year Treasury note — a benchmark for fixed mortgage rates — to nearly 3 percent. That was its highest level since July 2011, and home lending rates were volatile but continuing to move higher, mortgage professionals said.
Continue Reading 1 2
Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com