Mortgage rates touch 4-year high as benchmark bonds take a hit
Rates for home loans have reached a nearly a four-year high as investors abandoned bonds in the face of stronger signs of inflation and central bank tightening, sending yields on debt higher.
The benchmark 30-year fixed-rate mortgage averaged 4.40% during the week ending Feb. 22, according to Freddie Mac’s weekly survey, out Thursday. That was up two basis points from the prior week and leaves rates nearly half-a-percentage point higher than the level at which they started the year. The 15-year fixed-rate mortgage averaged 3.85%, up from 3.84%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.65%, up two basis points.
Keep track of what’s going on in your city: the Clark Group offers a free monthly Housing Trends Newsletter that provides a wealth on information on the real estate market including a regional and local view. You will also find current mortgage rates, including a chart of interest rate for the past week, month, year and 3 years. Subscription is free, so sign up to keep current!
Bruce Clark | BRE #01503471 | Coldwell Banker Residential Brokerage | 949.285.1207 | email@example.com