Mortgage Rates in U.S. Rise Again
September 24, 2018 / WPJ Staff
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates rose for the fourth consecutive week in late September 2018.
Sam Khater, Freddie Mac's chief economist, says the 30-year fixed-rate mortgage increased once again to its highest level since May. "Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers - especially first-time buyers," he said. "Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions."
Added Khater, "Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile."