Home buyers don’t catch break: U.S. mortgage rates rise again
This is a bizjournals.com article.
As July begins to heat up America, home buyers are out in full force. But folks looking for record-low mortgage rates aren’t seeing them as those rates are on the upswing, according to Freddie Mac.
The average 30-year fixed mortgage averaged 4.08 percent for the week ending July 2, up from 4.02 percent the previous week.
A year ago, 30-year rates averaged 4.12 percent.
Sean Becketti, chief economist for Freddie Mac, said overseas events are causing volatility in mortgage rates.
Despite rates inching up, the U.S. housing market continues to show positive signs as pending homes sales rose 0.9 percent above expectations in the past week.
In Dayton, home buyers have been busy.
Local home sales soared 7 percent in May, while area home prices hit their highest levels ever, according to the Dayton Area Board of Realtors.
The historic low for 30-year rates was 3.31 percent in November 2012.
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