4.02: Mortgage Rates Barely Budge

• June 25, 2015

by Tianna Mañón

Mortgage rates are staying put around 4 percent, according to the most recent rates published Thursday by Freddie Mac.

Rates averaged 4.02 last week with an average 0.7 point on a 30-year fixed-rate mortgage, Freddie Mac reported. That’s up slightly from last week, and rates have been hanging around at 4 percent for a few weeks now. Rates are still down from this time last year, when they averaged 4.14 percent.

Freddie Mac’s new chief economist Sean Becketti said in a news release that rates are likely to continue to increase throughout 2015 as the economy continues to recover.

“Mortgage rates were little changed this week,” he said. “Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up.”

UrbanTurf is following the path of the rates in this chart:

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/4.02_mortgage_rates_barely_budge/10049