Mortgage rates leap to 7-year highs; 30-year at 4.90 percent - Spokane, North Idaho News & Weather KHQ.com

Mortgage rates leap to 7-year highs; 30-year at 4.90 percent

Posted: Updated:
WASHINGTON -

Long-term U.S. mortgage rates leaped this week to their highest levels in seven years amid global anxiety over rising interest rates that has gripped financial markets.
  
Costs for would-be home buyers are climbing. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages jumped to an average 4.90 percent this week from 4.71 percent last week. That's the highest level for the benchmark rate since April 2011. A year ago, it stood at 3.91 percent.
  
The average rate on 15-year, fixed-rate loans rose to 4.29 percent this week from 4.15 percent last week.
  
The Federal Reserve recently signaled its confidence in the economy by raising a key interest rate for a third time this year, forecasting another rate hike before year's end.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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