After a big drop last week, long-term mortgage rates edged up today.
Freddie Mac reported 6.81% as the average on a 30-year mortgage on Thursday, up 3 basis points compared to last week.
“Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing," said Sam Khater, Freddie Mac’s Chief Economist. "However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
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/681_mortgage_rates_edge_up_after_last_weeks_big_drop/21309.
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