30 Year Mortgage Hits 2 1/2 Year High
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Positive economic news in the manufacturing and service sectors of the economy has created the concern of inflation, which created a surge in the 30 year fixed rate mortgage rate. It is interesting how positive news in one sector of the economy can create havoc in another sector.
Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.37 percent this week, according to its weekly survey.
That was up sharply from a nationwide average of 6.24 percent last week and left 30-year rates at the highest level since they averaged 6.44 percent the week of Sept. 5, 2003.
“Stronger than expected gains in the manufacturing and service industries — coupled with higher labor costs — ignited inflation concerns, which led to the rise in mortgage rates this week,” said Frank Nothaft, chief economist at Freddie Mac.
He said investors have begun to worry that the Federal Reserve, which has been raising interest rates to combat inflation, may not stop with just one or two more rate hikes but may actually boost rates three more times this year. via WSVN-TV
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