Long Term US Mortgage Rated “Slipped” Last Week
Long-term US mortgage rates last week fell from their highest marks of Y 2017.
Mortgage buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate home loans fell to 4.23 from 4.30% the week prior.
The benchmark rate stood at 3.71% a year ago and averaged 3.65% in Y 2016, lowest in records dating to Y 1971.
The rate on 15-year mortgages fell to 3.44 from 3.50%.
Last week’s rates were the highest of 2017.
Mortgage rates rose sharply after the November 8tth election. Investors bid rates up because they expect President Trump’s plans to cut taxes and increase spending on defense and infrastructure to push economic growth and inflation higher.
The Fed recently raised short-term rates for only the 3rd time since Y 2006, a vote of confidence in the health of the US economy.
Have a terrific week.
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