Long-term mortgage rates have ticked up ever so slightly from the three-year lows reported last week.
Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 3.56 percent with an average 0.6 point. Last week, rates averaged 3.54 percent, the lowest level since 2013.
“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” Freddie Mac’s Sean Becketti noted in a release. “The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 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 https://dc.urbanturf.com/articles/blog/3.56_mortgage_rates_remain_near_three-year_lows/11394.
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