This week, long-term mortgage rates rose to their highest level since the pandemic began.
Freddie Mac reported 3.69 percent with an average 0.8 point on Thursday, up 14 basis points compared to last week. It is the highest that rates have been since early 2020, and almost 100 basis points higher than a year ago.
“The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” Freddie Mac's Sam Khater said. “Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.”
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-rise-to-highest-level-in-more-than-two-years/19264.
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