Average US 30-year mortgage rate rises to 4.30 per cent
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WASHINGTON — Long-term U.S. mortgage rates rose this week for a second straight week, posting new highs for the year. The markets were anticipating an increase in a key interest rate by the Federal Reserve, which the Fed announced Wednesday.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate loans climbed to 4.30 per cent from 4.21 per cent last week. The benchmark rate stood at 3.73 per cent a year ago and averaged 3.65 per cent through 2016, the lowest level in records dating to 1971.
The rate on 15-year mortgages increased to 3.50 per cent from 3.42 per cent last week.
The Fed’s move marked the second time in three months that the central bank has raised its benchmark interest rate. The Fed also forecast two additional hikes this year. The Fed action reflects a consistently solid U.S. economy and will likely mean higher rates on some consumer and business loans.
