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5.78%: Mortgage Rates See Largest Weekly Increase in 35 Years

  • June 16th

by UrbanTurf Staff

Long-term interest rates shot up this week at a pace not seen in several decades. 

Freddie Mac reported 5.78% with an average 0.9 point today, up 55 basis points compared to last week. A year ago at this time, rates were below 3%. 

“Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage point, marking the largest one-week increase in our survey since 1987,” Freddie Mac's Sam Khater said in a statement. “These higher rates are the result of a shift in expectations about inflation and the course of monetary policy. Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing 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.

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/578-mortgage-rates-see-largest-weekly-increase-in-35-years/19779.

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