Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Mortgage rates hit highest point since October 2014 as part of six-week climb

 


Mortgage rates increased for the sixth week in a row to highs not seen in more than two years.

According to data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.13 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.08 percent a week ago and 3.95 percent a year ago. The 30-year fixed rate hasn’t been this high since October 2014. It has climbed 66 basis points in six weeks. (A basis point is 0.01 percentage point.)

The 15-year fixed-rate average edged up to 3.36 percent with an average 0.5 point. It was 3.34 percent a week ago and 3.19 percent a year ago. The five-year adjustable rate average crept up to 3.17 percent with an average 0.5 point. It was 3.15 percent a week ago and 3.03 percent a year ago.

http://www.startribune.com/mortgage-rates-hit-highest-point-since-october-2014-as-part-of-six-week-climb/405545726/

 

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