The average rate for a 30-year fixed mortgage climbed to 4.61 percent, the highest level since 2011, Freddie Mac said in a statement Thursday.
An advertisement for two-family homes is seen outside an oceanside community in the Rockaway area of the Queens borough of New York, September 16, 2015.
Through Wednesday, the rate averaged 4.61 percent, up six basis points over the prior week and the highest level since May 2011, Freddie reported. A week earlier, 30-year rates averaged 4.55 percent, the USA mortgage finance agency said.
"This is what happens when the economy is strong", Sam Khater, Freddie Mac's chief economist, told Bloomberg. "Not only are buyers facing higher borrowing costs, gas prices are now at four-year highs just as we enter the important peak home sales season". A five-year, adjustable-rate mortgage averaged 3.82 percent, up from 3.77 percent last week.
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