Long-term mortgage rates continue their weekly seesaw.
Freddie Mac reported 5.55% with an average 0.8 point on Thursday, up about 30 basis points compared to last week. A year ago at this time, rates averaged 2.87%.
“The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market,” Freddie Mac's Sam Khater said in a statement. “Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market.”
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/555-mortgage-rates-bounced-higher-this-week/20006.
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