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6.69%: Mortgage Rates Inch Back Up

  • January 25th 2024

by UrbanTurf Staff

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Long-term mortgage rates inched back up this week, but continue to hover in a pretty narrow window. 

On Thursday, Freddie Mac reported 6.69% as the average on a 30-year mortgage, up 9 basis points from last week. Long-term rates have remained in the 6.6% range for the last several weeks. 

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market," said Sam Khater, Freddie Mac’s Chief Economist. "Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.”

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: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/669_mortgage_rates_inch_back_up/21898.

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