Long-term mortgage rates have ticked up over the last three weeks after heading down toward record lows around July 4th.
This week, Freddie Mac reported that 30-year fixed-rate mortgages averaged 3.48 percent with an average 0.5 point, up three basis points from last week.
“The10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting,” Freddie Mac’s Sean Becketti said in a statement. “Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes — its fastest pace since 2008.”
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 https://dc.urbanturf.com/articles/blog/3.48_mortgage_rates_tick_up_again/11522.
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