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6.78%: Mortgage Rates Dip

  • July 20th 2023

by UrbanTurf Staff

Dipping inflation appears to be resulting in lower mortgage rates. 

Freddie Mac reported 6.78% as the average on a 30-year mortgage on Thursday, down 18 basis points compared to last week. 

“As inflation slows, mortgage rates decreased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise.”

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/678_mortgage_rates_dip/21279.

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