Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Evan Horowitz Globe Staff May 22, 2018 Slowly but surely, the US economy seems to be finding its way back to an old, forgotten normal, with gas prices approaching $3 a gallon and mortgage rates climbing toward 5 percent. Depending on your place on the economic landscape, it’s either a long-overdue return to economic sanity or an unnecessary risk to a steady recovery.Let’s start with the rise in gas prices, because that’s the flukiest part in all this, the bit that America’s economic stewards might undo if it weren’t the result of broader geopolitical forces (like the political crisis in Venezuela and Saudi Arabia’s desire to boost the value of its state oil company before offering shares to investors.)Even here, there are winners and losers. Advertisement Higher oil and gas prices are doubtless bad news for drivers idling in … [Read more...] about Gas and mortgages are getting expensive again. Welcome to a normal economy
Updated 9:40 am, Thursday, May 17, 2018 Photo: Rogelio V. Solis, AP Image 1of/1 CaptionClose Image 1 of 1 FILE- This April 23, 2018, file photo shows a sold sign in front of a home in Jackson, Miss. On Thursday, May 17, Freddie Mac reports on the week’s average U.S. mortgage rates. FILE- This April 23, 2018, file photo shows a sold sign in front of a home in Jackson, Miss. On Thursday, May 17, Freddie Mac reports on the week’s average U.S. mortgage rates. Photo: Rogelio V. Solis, AP US average mortgage rates at 7-year highs; 30-year 4.61 pct. 1 / 1 Back to Gallery WASHINGTON (AP) — Long-term U.S. mortgage rates jumped this week, marking their highest levels in seven years amid the peak home buying season. The benchmark 30-year rate pushed toward the significant 5 percent level. Mortgage buyer … [Read more...] about US average mortgage rates at 7-year highs; 30-year 4.61 pct.
Kathy Orton, The Washington Post Published 9:15 am, Thursday, May 17, 2018 After a brief pause, mortgage rates are back on the ascent. According to data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.61 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.55 percent a week ago and 4.02 percent a year ago. The 30-year fixed rate hasn't been this high since May 2011. The 15-year fixed-rate average jumped to 4.08 percent with an average 0.4 point. It was 4.01 percent a week ago and 3.27 percent a year ago. The five-year adjustable rate average grew to 3.82 percent with an average 0.3 point. It was 3.77 percent a week ago and 3.13 percent a year ago. LATEST SFGATE VIDEOS Now Playing: Now Playing Coast Guard K9 learns to dangle from a helicopter San Francisco Chronicle Prowler caught on nanny cam in Utah Layton City Police Department The five best hikes within an … [Read more...] about Mortgage rates reach levels not seen in seven years
WASHINGTON — Treasury yields have been steadily rising, and spiked this week, sending mortgage rates to the highest level in years. Freddie Mac says a 30-year fixed-rate mortgage averaged 4.61 percent this week, matching the highest level since May 19, 2011. A year ago, 30-year rates averaged 4.02 percent. Mortgage rates loosely follow the rise and fall of 10-year Treasury yields, now hovering just shy of 3.1 percent, near a five-year high. “Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week,” said Sam Khater, Freddie Mac’s chief economist. “Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season,” Khater said. Even so, Freddie Mac said this year’s higher rates have not yet caused much of a ripple in the strong demand levels for buying a home seen in most markets, but … [Read more...] about Mortgage rates hit 7-year high
Buying into the American dream of homeownership is getting pricier. A confluence of factors has made for a seller's market across much of the country, with buyers already sidelined by limited supply and lofty prices. But this week they're confronting another hike in borrowing costs. "Rising mortgage rates are further squeezing affordability for would-be homebuyers that are already frustrated by limited inventory of available homes and the higher home prices that have resulted," Greg McBride, chief financial analyst at Bankrate.com, said in emailed comments. The ability to afford a home is becoming a bigger hurdle as increases in property values outrun growth in income and as interest rates climb. The benchmark used in setting rates for loans including home mortgages is the 10-year Treasury note, and on Wednesday it held near seven-year highs, just a tick below 3.1 percent. That's hiking borrowing costs for consumers, businesses and the government. For those looking to purchase a home, … [Read more...] about Ready to buy a home? Lock in your mortgage rate now