After topping 6% last week, long-term mortgage rates continued heading up on Thursday.
Freddie Mac reported 6.29% with an average 0.8 point, up a quarter of a percent compared to last week.
“The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” Freddie Mac's Sam Khater said. “Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.”
With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points from last week here.
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/629_mortgage_rates_continue_to_head_north/20114.
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