30-Year Mortgage Rate Highest in Eight Years

In case you haven’t been paying attention (which we highly doubt), interest rates have been creeping over the last several months and, according to recently analyzed data by the NAHB’s Eye on Housing, are now approaching an eight-year high.  They say that the 30-year FRM – Commitment rate, inched up considerably by 20 basis points to 4.83% from 4.63% in September, with October’s increase being the highest since early 2011.  Indeed….

“…As a result of rising mortgage rates, affordability is at the lowest level in a decade and new home sales have been soft in recent months…”

Click here to read the full report at the NAHB’s Eye on Housing.