Fitch Downgrade, Economic Highs Push Rates Up
Mortgage rates rose once again last week, elevated by economic news that took investors and analysts by surprise. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.90%, up from 6.81%. A year ago at this time, the 30-year FRM averaged 5.30%. The 15-year fixed-rate mortgage also increased, up to 6.25% from…