Mortgage rate hit 4.08% last week, which was the highest level since October and after a 30-year rate of decline, according to Freddie Mac’s weekly survey.
That is 0.16 percentage points higher than a week earlier and its first time over the 4% mark since October.
“A strengthening economy has pushed mortgage rates up a little bit,” said Keith Gumbinger, vice president of HSH.com, a mortgage information company. “We’ve moved off the absolute rock-bottom lows of the past few months to a slightly higher level.”
The average rate for a 15-year loan dropped to 3.23 percent from 3.3 percent according to Virginia-based mortgage-finance company.
According to Commerce Department, the new home sales fell to an annual rate of 313,000 in February. That was a 1.6% decline compared with January’s 318,000 sales but 11.4% above last February’s 281,000.Tags: Bing