Long-term mortgage rates fell slightly on Thursday after rising to 14-year highs last week.
Freddie Mac reported 6.66% with an average 0.8 point this morning, down from 6.7% last week.
“Mortgage rates decreased slightly this week due to ongoing economic uncertainty,” said Sam Khater, Freddie Mac’s Chief Economist. “However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.”
With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points 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/666_mortgage_rates_drop_slightly/20169.
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