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Mortgage rates have been rising at a pace not seen in almost 50 years


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2018 May 24, 9:09pm   978 views  3 comments

by Patrick   ➕follow (55)   💰tip   ignore  

http://www.chicagotribune.com/business/ct-mortgage-rates-7-year-high-20180524-story,amp.html

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.

Comments 1 - 3 of 3        Search these comments

1   CBOEtrader   2018 May 24, 10:35pm  

Whats the situation w the ARMs?
2   lostand confused   2018 May 25, 6:25am  

Wow I just refinanced a few years ago at 2.94% for a 15 yr.
3   Tenpoundbass   2018 May 25, 7:23am  

This is from a site running the same story.

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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