Long-term mortgage rates fell below 5% for the first time since April last week.
Freddie Mac reported 4.99% with an average 0.8 point on Thursday, down 31 basis points compared to ten days ago.
“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth,” Freddie Mac's Sam Khater said in a statement. “The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.”
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/long-term-mortgage-rates-fall-below-5-for-first-time-since-april/19935.
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