Average mortgage rates climbed


Make text smaller Make text larger



Photos





By JOSH BOAK

Long-term U.S. mortgage rates increased the last week of 2018, although they're lower than a year ago.

Mortgage buyer Freddie Mac said that the average rate on 30-year fixed-rate mortgages rose to 3.99 percent, up from 3.94 percent last week. That average marks a five-month high, but it's still lower than the 4.32 percent a year ago. The rate on 15-year fixed-rate mortgages increased to an average 3.44 percent from 3.38 percent in the prior week. The 15-year averaged 3.55 percent a year ago.

The $1.5 trillion in tax cuts President Donald Trump signed into law last week led to an increase in the interest charged on a 10-year U.S. Treasury note. This increase — likely reflective of both the debt and potential stimulus from the tax cuts — pushed up average mortgage rates.

The relatively low rates have helped preserve a degree of affordability for many would-be homebuyers amid rising prices. Many potential buyers are finding it difficult to buy a home as the number of listings on the market had drifted down to record lows for November.

The average on five-year adjustable-rate mortgages rose to 3.47 percent from 3.39 percent last week. A year ago, the five-year adjustable rate averaged 3.30 percent.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Advancing Surgical Care, Close to Home
For over 70 years, St. Anthony Community Hospital, a member of the Westchester Medical Center Health Network (WMCHealth) has been an integral part of the Village of Warwick and...
Read more »
Image

Village welcomes Mike Nuzzolese as new mayor, bids farewell to Kyle Roddey
By Geri Corey
— Village of Goshen Trustee Mike Nuzzolese has taken over the mayor’s seat that was occupied by Kyle Roddey...

Read more »
Image

Residents return after gas blasts destroy homes in Massachusetts
Residents in communities north of Boston that were rocked by natural gas explosions were given the green light Sunday, Sept. 16, to return to their homes.
Massachusetts Gov.

Read more »
Image

Elenore Whitney Pirrotta of Goshen, N.Y., dies at age 93
Elenore Whitney Pirrotta of Goshen, N.Y., died peacefully on Saturday, Sept. 15, 2018, at Orange Regional Medical Center in Wallkill, N.Y. She was 93.
Daughter of the late...

Read more »

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Find more about Weather in Chester, NY