Last week, long-term mortgage rates hit 5% for the first time in a decade. Today, they went up again.
Freddie Mac reported 5.11% with an average 0.8 point today, up 11 basis points compared to last week. A year ago at this time, rates were averaging just under 3%.
“Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise,” Freddie Mac's Sam Khater said in a statement. “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”
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/511-long-term-mortgage-rates-now-exceed-5/19553.
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