Mortgage rates rise with spring buying

Mortgage rates rise with spring buying

Long-term U.S. mortgage rates climbed upward this week, slightly worsening affordability for homebuyers.

Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year, fixed-rate mortgages rose to 4.47 percent from 4.42 percent last week. This benchmark rate averaged 3.97 percent a year ago.

With the start of the traditional spring homebuying season, people shopping for homes are dealing with higher loan costs and fewer properties for sale.

The average rate on 15-year, fixed-rate loans rose this week to 3.94 percent from 3.87 percent.

The interest paid by the government is up along with the federal budget deficit in the wake of President Donald Trump’s tax cuts and plans by the Federal Reserve to raise short-term borrowing rates for banks.