Where Are Mortgage Rates Headed?
Mortgage rates are moving fast in one direction this summer — sideways. Freddie Mac's weekly survey, out Thursday, July 31, showed the average rate for a 30-year fixed-rate home loan was 4.12 percent, practically unchanged from the week before when it was 4.13 percent. At that rate, a borrower with a $300,000 mortgage would have to pay $1,454 a month in principal and interest. In the month before the latest surveys, Freddie reported the following averages for the 30-year loan, the most widely used home-financing option: 4.13 percent, 4.15 percent, 4.12 percent and 4.14 percent. It hit 4.2 percent once in June, but has not been above that level since May.
Where are the rates headed next? The yield on the 10-year Treasury note is a common proxy. It shot higher on Wednesday, July 30, right after Freddie Mac wrapped up the week's survey, in reaction to a report that the economy expanded 4 percent in the second quarter.
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