Mortgage loan rates at 4-year high
The wait’s finally over as we now see long-term mortgage rates climbing strongly this week to their highest level in more than four years. The benchmark 30-year fixed-rate mortgage rose 12 basis points to 6.83 percent, according to a recent national survey of large lenders. Bankrate.com reports:
This week’s sharp rise marked the end of a watch ‘n’ wait period when mortgage markets seemed to be passing time until next week’s Federal Reserve meeting. The benchmark 30-year rate had remained bottled up between 6.67 percent and 6.73 percent from May 3 to June 14. That sessile period ended this week, when the mortgage market concluded that the Fed not only will raise short-term rates next week, but might boost again at its next scheduled meeting, Aug. 8.
Read more: Long-term mortgage rates hit 4-year high
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