Long-term mortgage rates continue to edge up, with a 30-year fixed rate mortgage now at its highest level in eight months.
Freddie Mac reports a 30-year mortgage averaged 5.21 percent in the week ending April 8, up from 5.08 percent last week. A year ago, 30-year mortgages averaged 4.87 percent.
A one-year adjustable-rate mortgage averaged 4.14 percent this week, up from 4.05 percent last week.
"Once again, mortgage rates followed bond yields higher amid a positive March employment report," says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.
Rising rates, coupled with the expiration of the homebuyer tax credit at the end of April, may weigh on the spring housing market. But a report earlier this week from the National Association of Realtors said pending sales of existing homes jumped 8.2 percent in February, as buyers act to take advantage of the credit before it ends.
The tax credit, up to $8,000, will expire April 30, though a buyer need only to have signed a contract by then, with closing scheduled before the end of June.
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
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