Long-term mortgage rates rose back above 3% last week.
Freddie Mac reported 3.10 percent with an average 0.7 point on Thursday, up 12 basis points from the previous week.
“The combination of rising inflation and consumer spending is driving mortgage rates higher,” Freddie Mac's Sam Khater said. “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing 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.
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/long-term-mortgage-rates-back-above-3/18979.
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