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follow Patrick 2018 May 17, 5:27pm
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Rates for home loans powered to the highest since 2011, setting up a fresh test for a housing market already strained by lean supply and surging prices.The 30-year fixed-rate mortgage averaged 4.61% in the week ending May 17, mortgage finance provider Freddie Mac said Thursday. That was a 6 basis point jump, and marked the highest for the popular product since May, 2011. ...“The prospect of rates approaching 5% could begin to hit the psyche of some prospective buyers,” Freddie Chief Economist Sam Khater said.