Long-term mortgage rates continued rising this week.
Freddie Mac reported 5.89% with an average 0.7 point on Thursday, up 23 basis points compared to last week. Interest rates are now 300 basis points higher than they were just a year ago.
With rates rising to levels not seen since 2008, Freddie Mac's Sam Khater says it makes sense to shop around.
“Not only are mortgage rates rising but the dispersion of rates has increased, suggesting that borrowers can meaningfully benefit from shopping around for a better rate," Khater said in a statement. "Our research indicates that borrowers could save an average of $1,500 over the life of a loan by getting one additional rate quote and an average of about $3,000 if they get five quotes.”
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/mortgage-rates-approach-6/20053.
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