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.
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