Average US 30-year mortgage rate rose to 4.47 per cent
WASHINGTON — Long-term U.S. mortgage rates climbed upward this week, slightly worsening affordability for homebuyers.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages rose to 4.47 per cent from 4.42 per cent last week. This benchmark rate averaged 3.97 per cent a year ago.
With the start of the traditional spring homebuying season, people shopping for homes are dealing with higher loan costs and fewer properties for sale. Rising rates could further erode inventories as existing homeowners renovate homes rather than putting them up for sale to avoid a more expensive mortgage that would come with a new house.
The Joint Center for Housing Studies of Harvard University estimates that spending on remodeling will exceed $340 billion new year, an increase of more than 7 per cent.