Long-term mortgage rates continued to rise this week as the Federal Reserve signaled an aggressive stance on monetary policy.
Freddie Mac reported 6.73% as the average on a 30-year mortgage, up 8 basis points from last week.
“Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out," said Sam Khater, Freddie Mac’s Chief Economist. "However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.”
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_increase_again/20738.
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