4.9%: Mortgage Rates Hit Highest Level in 7 Years
While still low by historical standards, long-term mortgage rates hit their highest level in 7 years this week.
On Thursday, Freddie Mac reported 4.91 percent with an average 0.5 point, a jump of 19 basis points since last week and the highest level for long-term rates since April 2011. Last year at this time, rates were averaging 3.91 percent.
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“Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand," Freddie Mac chief economist Sam Khater said in a statement. "While the monthly payment remains affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment and that is the reason home sales have decreased in many high-priced markets.”
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.
See other articles related to: freddie mac, interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/49-mortgage-rates-hit-highest-level-in-7-years/14557.
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