Average US rate on 30-year mortgage rises to 3.8 percent
WASHINGTON (AP) — Average long-term U.S. mortgage rates are up this week to the highest level since mid-March.
Mortgage giant Freddie Mac says the national average for a 30-year fixed-rate mortgage rose to 3.80 percent this week from 3.68 percent a week earlier.
The rate on 15-year fixed-rate mortgages averaged 3.02 percent, up from 2.94 percent and the first time it's topped 3 percent since it hit 3.06 percent in mid-March.
A year ago, the average 30-year rate stood at 4.21 percent and the 15-year at 3.32 percent.
Len Kiefer, deputy economist at Freddie Mac, said U.S. interest rates were driven higher in part by news the U.S. trade deficit hit a seven-year high in March.