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After Falling For Weeks, Mortgage Rates Tick Up

  • October 3rd 2024

by UrbanTurf Staff

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After dropping to the lowest level in two years, long-term mortgage rates ticked up this week. 

On Thursday, Freddie Mac reported 6.12% as the average on a 30-year mortgage, up four basis points from last week. 

“The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature,” said Sam Khater, Freddie Mac’s Chief Economist. “Zooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.”

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/after_falling_for_weeks_mortgage_rates_tick_up/22784.

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