Long-term mortgage rates continued their ascent this week.
Freddie Mac reported 6.7% with an average 0.8 point, up from 6.29% last week. This is now the highest that long-term rates have been since 2007.
“Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year," Freddie Mac's Sam Khater said. "This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range.”
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/67-mortgage-rates-continue-their-ascent/20141.
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