A couple weeks after almost hitting 4 percent, long-term mortgage rates have reversed course.
Freddie Mac reported 3.76 percent with an average 0.8 point on Thursday, down 13 basis points compared to last week. Two weeks ago, rates were at 3.92 percent.
“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” Freddie Mac's Sam Khater said. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.”
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/376-mortgage-rates-head-back-down/19343.
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