Long-term interest rates starting rising again this week, following a couple recent declines.
Freddie Mac reported 5.23% with an average 0.9 point today, up 14 basis points compared to last week. A year ago, 30-year rates averaged 2.96%.
“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” Freddie Mac's Sam Khater said in a statement. “The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.”
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/523-long-term-mortgage-rates-resume-rise/19744.
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