Jay's Notes: Grab these low interest rates while you can. They will NOT last forever. Here's the proof.
The 30-year fixed-rate mortgage -- the most popular choice among home
buyers -- has climbed nearly half a percentage point since the
beginning of this month -- from 3.35 percent to 3.81 percent this week.
"Fixed mortgage rates followed long-term government bond yields
higher, following a growing market sentiment that the Federal Reserve
may lessen its accommodative policy stance,” says Frank Nothaft, Freddie
Mac’s chief economist. “Improving economic data may have encouraged
those views.”
Despite the uptick, mortgage rates remain low by historical standards, Freddie Mac reports.
The mortgage giant reports the following national averages with mortgage rates for the week ending May 30:
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30-year fixed-rate mortgages: averaged 3.81 percent,
with an average 0.8 point, rising from last week’s 3.59 percent average.
A year ago at this time, 30-year rates averaged 3.75 percent.
Source: Freddie Mac