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Mortgage Rate for 30-year-fixed Tops 4% for First Time Since July
Call our mortgage broker at Golden Pacific Home Loans in San Ramon to discuss the latest mortgage rate increase. U.S. mortgage rates rose, with the 30-year average topping 4 percent for the first time in five months, after the Federal Reserve’s decision to increase its benchmark lending rate.
The average mortgage rate for a 30-year fixed rate was 4.01 percent, up from 3.96 percent mortgage rate last week, Freddie Mac said in a statement Thursday. The average 15-year mortgage rate climbed to 3.24 percent from 3.22 percent.
The central bank’s first interest-rate increase in nine years is pushing up home loan costs just before the start of the peak selling season in the U.S. Mortgage rates near record lows along with a tight supply of available homes have helped support a recovery in prices, while job gains have boosted demand.
The 30-year average will climb to 4.7 percent by the fourth quarter of 2016, according to a projection by Sean Becketti, Freddie Mac’s chief economist.