Long-term interest rates dipped a little bit this week, slowing the ascent that they have been on in recent months.
Freddie Mac reported 5.70% with an average 0.9 point today, down 11 basis points compared to last week. A year ago at this time, rates were just below 3%.
“The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession,” Freddie Mac's Sam Khater said in a statement. “This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.”
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/57-mortgage-rates-hit-the-pause-button/19825.
Most Popular... This Week • Last 30 Days • Ever
The Washington Nationals great didn't move out of the area, though.... read »
The large new residential building is just the latest development pitched near the ba... read »
UrbanTurf put together a quick primer on the ins and outs of a home auction.... read »
Foulger Pratt has plans to turn the 12-story office building at 1133 19th Street NW i... read »
As the Capitol Riverfront neighborhood nears its development capacity, a new effort p... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
This Week's Find is one of the more interesting homes in DC's Foxhall neighborhood. ... read »
The mall will be reimagined as a 7-story, 325-unit apartment project with 25,000 squa... read »
While DC's rising home prices have been the story for years, there are some areas of ... read »
Brookfield Properties and the Menkiti Group have filed a second-stage planned unit de... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro