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5.3%: Long-Term Mortgage Rates Drop Back Down

  • July 28th 2022

by UrbanTurf Staff

Long-term mortgage rates continued to fluctuate this week. 

Freddie Mac reported 5.3% with an average 0.8 point on Thursday, down 24 basis points compared to last week.  

“It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand," Freddie Mac's Sam Khater said in a statement. "Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.”

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: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/53-long-term-mortgage-rates-drop-back-down/19925.

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