Long-term mortgage rates inched up this week after hitting 20-year highs earlier this month.
Freddie Mac reported 6.94% with an average 0.8 point this morning, up from 6.92% last week. Rates have now doubled since the beginning of the year.
“Mortgage rates slowed their upward trajectory this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand.
With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points here.
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_inch_up/20223.
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