Despite a prediction from earlier this week, long-term mortgage rates are still on the rise.
Freddie Mac reported 5.66% with an average 0.8 point on Thursday, up 11 basis points compared to last week. A year ago at this time, rates averaged 2.87%.
“The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.” Freddie Mac's Sam Khater said in a statement.
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-hit-two-month-high/20033.
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