Mortgage Rates Hit 2 Year High

U.S. mortgage rates increased to the highest level seen in two years as home sales pick up. According to Freddie Mac, the average 30-year fixed mortgage jumped to 4.58% while the average 15-year rate increased to 3.6%, the highest levels reported since mid-2011. Chief Executive Officer, Robert Niblock said, “the rate increases will likely take some steam out of the recent housing market rebound, but shouldn’t derail it as long as job gains persist, homes continue to appreciate and rates rise more gradually going forward.” Experts say that many home-buyers are taking advantage of historically low buying rates before they increase. More here

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