Long-term mortgage rates rose again this week, and are now rising at the fastest pace in decades. Freddie Mac reported 4.72 percent with an average 0.8 point today, up 5 basis points compared to last Thursday.
“Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,” Freddie Mac's Sam Khater said in a statement. “The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”
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-rising-at-fastest-pace-in-almost-20-years/19495.
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