Average long-term mortgage rates highest in 12 years

WASHINGTON — Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade.

The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday. The last time it was higher was in April of 2010 when it reached 5.21%. By contrast, a year ago the 30year rate stood at 2.97%.

The average rates in recent months are the fastest pace of increases since 1994.

Federal Reserve officials have signaled that they will take an aggressive approach to fighting high inflation this year. In minutes from their March policy meeting released earlier this month, Fed officials said that halfpoint interest rate hikes, rather than traditional quarter-point increases, “could be appropriate” multiple times this year. The Fed raised its main borrowing rate by a quarter-point in March, its first increase since late in 2018.

On Wednesday, the National Association of Realtors reported that sales of previously occupied U.S. homes fell in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers as the spring buying season begins.

Median home prices in March jumped 15% from a year ago at this time to $375,300. That’s an alltime high on data going back to 1999, NAR said.

Freddie Mac said the average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, rose to 4.38% from 4.17% last week.

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Of Millennials who purchase homes, 33% say the decision to buy was prompted by the presence of or desire to adopt a pet. That outstrips those who bought homes because of a marriage (25%) and those who bought to accommodate children (19%), according to a survey conducted by Harris Poll on behalf of SunTrust Mortgage.

Condominiums often have a pet limit and size restriction, thus a home buyer would be more likely to purchase a home which is not governed by an HOA.

Homebuyers consider their pets part of the family, so when it comes to purchasing a home, they will give their Realtor certain criteria that fits both their needs and those of their pets.

Here are a few examples of the sorts of amenities dog owners may seek. A fenced in yard is number one; they want to be sure Fido is safe from escape. Sidewalks might be a consideration, so when it is time to walk the dog, there is a safe place to walk for both the canine and his/her owner. Other pluses might include being within close proximity to a park, pet stores, a pet hospital and/or groomer.

All of these amenities are not so different than when a home buyer is purchasing a home with their family — the amenities are similar to those who have children.