Long-term interest rates fell noticeably this week, potentially offering some relief to homebuyers.
Freddie Mac reported 5.30% with an average 0.8 point today, down 40 basis points compared to last week. A year ago at this time, rates were below 3%.
“While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown,” Freddie Mac's Sam Khater said in a statement.
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-drop-down-to-53/19844.
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