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Mortgage Rates Hit 7-Year High - ABI

Rates for home loans throttled higher, nipping at the heels of a housing market that’s so far managed to absorb pricier financing on top of surging home prices, MarketWatch.com reported. The 30-year fixed-rate mortgage averaged 4.66 percent in the week ending May 24, mortgage finance provider Freddie Mac said yesterday, a jump of five basis points during the week. While housing demand remains robust, the continued rise in rates has housing industry participants watching closely. So far in 2018, rates have increased in 15 out of the first 21 weeks of the year, Freddie Mac Chief Economist Sam Khater noted.

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