4.35%: Rates Climb For the Second Week in a Row
For the second week in a row, mortgage rates increased.
On Thursday morning, Freddie Mac reported 4.35 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.
This marks a significant jump up from last week, when rates averaged 4.16 percent. A week before that, rates were at 4.10 percent.
It is a little hard to believe that just a year ago, long-term rates were nearing their all-time low of 3.31 percent.
From Freddie Mac vice president and chief economist Frank Nothaft on today’s rates:
Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8 percent, also above consensus.
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
Here’s a look at the path of rates since January 2010:
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/4.35_rates_climb_for_the_second_week_in_a_row/7823.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
On Wednesday, Airbnb launched the Icons Collection, approximately a dozen "one-of-a-k... read »
Plans for another residential project in downtown Bethesda are moving forward.... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro