WASHINGTON–Mortgage rates have hit their highest level in four years.
According to Freddie Mac, the 30-year fixed-rate average rose to 4.47% with an average 0.5 point. The rate was 4.42% one week earlier and 3.97% one year earlier.
Freddie Mac reported the increase of five basis points was the largest weekly increase of the year, putting the 30-year fixed rate at a level it hadn’t hit since January 2014.
Meanwhile, the 15-year fixed-rate average jumped to 3.94% with an average 0.4 point, Freddie Mac said. That rate was 3.87% a week ago and 3.23% one year earlier. The five-year adjustable-rate average rose to 3.67% with an average 0.3 point. It was 3.61% a week ago and 3.10% one year ago.