Mortgage Rates Jump to Highest Level in 4 Years

CNBC writes that a huge sell-off in the mortgage bond market may cause mortgage rates to rise, in turn making it more expensive to purchase or refinance a home. The article notes that as of Monday, some lenders were quoting a rate of 4.5 percent, which would be among the highest since 2014. Additionally, due to increasing bond market supply expected to come online, the article notes that rates may be expected to increase. As of Thursday, February 1st, Freddie Mac reports that the average rate on a 30-year fixed rate mortgage was 4.22 percent, an increase of seven basis points from last week, and three basis points year-over-year from 2017.

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