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2.81%: Mortgage Rates Rise to Highest Level Since Mid-November

by UrbanTurf Staff

Long-term mortgage rates are moving up from their historic lows, but still remain quite low. 

On Thursday, Freddie Mac reported 2.81% as the average on a 30-year fixed rate mortgage, the highest that long-term rates have been in months. 

“Reaching its highest point since mid-November, the 30-year fixed-rate mortgage averaged 2.81 percent this week,” Freddie Mac's Sam Khater said in a release. “Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates. While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”

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.

This article originally published at http://dc.urbanturf.com/articles/blog/281-mortgage-rates-rise-to-highest-level-since-mid-november/17901

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