U.S. long-term mortgage rates were steady to slightly up this week, at their highest levels in nearly eight years and dampening home sales.
Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage was unchanged from last week at 4.94 percent. That’s the highest level for the benchmark rate since February 2011. A year ago the rate stood at 3.95 percent.
The average rate on a 15-year, fixed-rate loan rose to 4.36 percent from 4.33 percent last week.
Anxiety over rising interest rates, reflecting strength in the economy, and expectations of additional rate increases by the Federal Reserve have roiled financial markets in recent weeks and spilled over into the housing market. The higher home borrowing rates have kept many potential buyers on the sidelines.
This article provided by NewsEdge.