After hitting a record low of 3.31 percent two weeks ago, mortgage rates have been on the rise, if ever so slightly.
On Thursday morning, Freddie Mac reported 3.34 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation. The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth. In addition, residential construction spending was up 3 percent between September and October. And, pending home sales saw a 5.2 percent increase in October to its highest reading since March 2007.
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/3.34_mortgage_rates_rise_very_slightly/6399
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