What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Long-Term Mortgage Rates Hit Highest Level in Two Years
For months, UrbanTurf’s weekly report on mortgage rates focused on the common refrain that rates were at or near historic lows. Now, that has changed.
Since Donald Trump was elected president, rates have been steadily increasing, and this week, long-term rates hit their highest average in two years.
On Thursday, Freddie Mac reported 4.13 percent with an average 0.5 point as the average for a 30-year mortgage. This is the highest that rates have been since October 2014.
“The 30-year mortgage rate rose another 5 basis points to 4.13 percent, starting the month 18 basis points higher than this time last year,” Freddie Mac’s Sean Becketti said. “As rates continue to climb and the year comes to a close, next week’s FOMC meeting will be the talk of the town with the markets 94 percent certain of a quarter-point-rate hike.”
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_highest_level_in_two_years/11959.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
A new hotel has been pitched for a development site in Mount Vernon Triangle that has... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro