U.S. mortgage rates have hit their highest level since 2014, a new challenge for a housing market that has been central to the economic recovery but remains vulnerable to even modest headwinds.
The rate for a 30-year fixed rate mortgage rose to 4.46%, the highest in more than four years and the ninth consecutive week of increases, according to data March 8, 2018 from mortgage-finance giant Freddie Mac. At the start of the year, the average rate was 3.95%.
If the trend persists, it could hamper a sector that represents about 15% of U.S. gross-domestic product. Rising mortgage rates already have crimped refinancing activity and pushed would-be home buyers who are on the margins out of the market as home prices also have risen.
Christina Rexrode and Laura Kusisto, Wall Street Journal, March 9, 2018
