Long-term mortgage rates headed up on Thursday. Freddie Mac reported 6.48% on a 30-year mortgage, up six basis points from last week.
"Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market," a Freddie Mac press release stated. “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”
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_head_back_up/20470.
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