Mortgage Rates Increase at Historic Pace

The Washington Post reports that mortgage rates are seeing their most prolonged period of increases in 46 years.

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Through May, rates have risen in 15 out of the first 21 weeks (71 percent), which is the highest share since Freddie Mac began tracking this data for a full year in 1972.”

The latest data from Freddie Mac that the 30-year fixed-rate average rose to 4.66 percent, compared to 4.61 percent one week ago and 3.95 percent last year. Experts are split over whether the rise will continue into next week or hold steady because of the Memorial Day holiday.

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