The 30-year fixed-rate mortgage increased once again to its highest level since May.
Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers. Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions.

Information provided by Freddie Mac.

The one-two punch of strong job and consumer credit growth drove mortgage rates up to their highest mark since August 2.
Mortgage rates are currently 0.82 percent higher than a year ago, which is the biggest year-over-year increase since May 2014. Looking ahead, annualized comparisons for mortgage applications may look weaker than they appear, but that’s primarily because of the large spread between mortgage rates now and last September, which was when they reached their low for the year.
Overall, this spectacular stretch of solid job gains and low unemployment should help keep homebuyer interest elevated. However, mortgage rates will likely also move up, as the Federal Reserve considers short-term rate hikes this month and at future meetings.

Information provided by Freddie Mac.

The 30-year fixed-rate mortgage inched higher for the second straight week.
Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. It’s important to note that mortgage rates are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes.

Information provided by Freddie Mac.