Mortgage Rates Hit Highest Point in Two Years

Mortgage rates on the rise

According to Freddie Mac, the 30-year mortgage rate hit a two year high in June, jumping 0.22 percentage points to 4.51 percent while the average rate for a 15-year mortgage rose 0.14 percentage points to 3.53 percent as mortgage rates in general continue to increase.

Frank Nothaft, vice president and chief economist of Freddie Mac said, “”June’s strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed. The economy gained 195,000 jobs in June, above the market consensus forecast, while revisions to the prior two months added 70,000 on top of that.”

http://agbeat.com/housing-news/mortgage-rates-hit-highest-point-in-two-years/

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Realtor with Greg Garrett Realty, actively licensed in the state of Virginia

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