Mortgage rates continued their upward march this week, extending the most prolonged increase in rates in 46 years.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.66 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.61 percent a week ago and 3.95 percent a year ago.
The 15-year fixed-rate average jumped to 4.15 percent with an average 0.4 point. It was 4.08 percent a week ago and 3.19 percent a year ago. The five-year adjustable rate average rose to 3.87 percent with an average 0.3 point. It was 3.82 percent a week ago and 3.07 percent a year ago.
"Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years," Sam Khater, Freddie Mac's chief economist, said in a statement.
13. Miami Median sale price: $260,000 Monthly payment: $1,290 Annual household income needed to buy: $51,595
Should they make it illegal to tout Annual income needed for a Mortgage without disclosing the Taxes and Insurance needed for that location? I know damn well this mortgage would be looking at another $800 or more in taxes and insurance a month.
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