Long-term mortgage rates fell to their lowest level since February this week.
Freddie Mac reported 2.94% with an average 0.7 point on a 30-year mortgage on Thursday, down two basis points from last week.
"Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month," Sam Khater, Freddie Mac’s Chief Economist, said in a statement. "The low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than twelve years and may lead to higher mortgage rates in the summer.”
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-to-lowest-level-in-three-months/18257.
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