Expectations of a continuing aggressive monetary policy led mortgage rates to increase 11 basis points this week, according to the latest survey from Freddie Mac.
The 30-year fixed-rate mortgage rose to an average of 5.66%, up from last week’s 5.55%. A year ago this time, rates averaged 2.87%. The index compiles only purchase mortgage rates reported by lenders during the past three days.
“The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago,” Sam Khater, chief economist at Freddie Mac, said in a statement.
Higher mortgage rates reflect details ⇒
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