With summer just around the corner and home buyers sniffing around, there’s still good news for them. U.S. mortgage rates remain at near never seen lows, although they did make a recent rise, according to Freddie Mac.
The average 30-year fixed mortgage rate sat at 3.8 percent at the end of last week (may 8th), an increase from 3.68 percent the previous week. A year ago, 30-year rates averaged 4.21 percent. So we are still in a better shape than last year.
The increase in mortgage rates “was due to a sell-off of German bonds, as well as a contraction in U.S. manufacturing jobs”, said Freddie Mac’s deputy chief economist, Len Kiefer.
Overall, lower mortgage interest rates are playing a role in bringing out new home buyers.
In Ohio, Dayton-area home sales jumped 11 percent in March, while area home selling prices also continued to rise.
The historic low for 30-year rates was 3.31 percent in November 2012.