Mortgage Rates Rise Again as Recession Fears Recede

Mortgage rates climbed again this week, and economists say the trend may well continue as the economy sees some improvement. The 30-year fixed-rate mortgage averaged 3.75% this week, Freddie Mac reports.
“The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy,” says Sam Khater, Freddie Mac’s chief economist. “Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.”
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