What's Hot: The 4 Projects in the Works (Or on Hold) Near DC's Starburst Intersection | This Week's Find: Fit For Art in the Palisades
5.78%: Mortgage Rates See Largest Weekly Increase in 35 Years
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%.
story continues below
loading...story continues above
“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.
Most Popular... This Week • Last 30 Days • Ever

Our guide for amateur landlords who don't really know what they're doing.... read »

The Massachusetts Avenue Heights home was previously owned by the former chief execut... read »

A large new apartment and townhouse project has been pitched for the growing pipeline... read »

On Friday, Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Ec... read »

In this week's Under Contract, we highlight two homes that found buyers just shortly ... read »
- The Essential Guide to Being an Amateur Landlord in DC
- Washington Spirit Owner Michele Kang Lists DC Home for $14.5 Million
- A Two-Phase, 370-Unit Development Pitched For Columbia Pike Gas Station Site
- Apartments, A Plaza + Dave Chapelle: The Future Plans for 14th and U
- Under Contract: That Didn't Take Long
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro