Long-term mortgage rates are approaching 4% for the first time in years.
Freddie Mac reported 3.92 percent with an average 0.8 point on Thursday, up 13 basis points compared to last week. It is the highest that rates have been since May 2019, when rates were last above the 4% mark.
“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” Freddie Mac's Sam Khater said. “As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets."
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/approaching-4-mortgage-rates-reach-highest-level-in-over-two-years/19286.
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