Home loan rates march to fresh 7-year high

Rates for home mortgage throttled higher, nipping at the heels of a housing market that’s up until now handled to soak up more expensive funding on top of surging house costs.

The 30-year fixed-rate home mortgage balanced 4.66% in the week ending May 24, mortgage financing service provider U.S. yields drop as traders flock to bonds after Trump trade comments

Still, while housing need remains robust, the continued increase in rates has housing market participants seeing closely. So far in 2018, rates have actually increased in 15 out of the first 21 weeks of the year, Freddie Mac Chief Economist Sam Khater kept in mind. That’s the highest share because 1972.

The Commerce Department’s report on sales of newly-constructed homes, released Wednesday, recommended that market momentum was pulling back. Some analysts attribute that wobble in part to higher home mortgage rates.

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