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7.03%: Long-Term Mortgage Rates Move Back Up

  • May 30th 2024

by UrbanTurf Staff

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Mortgage rate chart 05-30-24.png

After dropping for three straight weeks, long-term mortgage rates are heading back up. 

Freddie Mac reported 7.03% as the average on a 30-year mortgage on Thursday, up 9 basis points from last week. 

“More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board," Sam Khater, Freddie Mac’s Chief Economist, said. "This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.”

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/703_long-term_mortgage_rates_move_back_up/22370.

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