Mortgage Rates End Summer Notably Higher Than A Year Ago
✉️ Want to forward this article? Click here.
Last week, Freddie Mac reported 4.51 percent with an average 0.5 point on a 30-year mortgage. While this rate is down slightly compared to earlier in the summer, it is notably higher than last August when rates came in at 3.86 percent. While rising rates haven't dampened home sales in the DC area yet, the same can't be said for the rest of the country.
story continues below
loading...story continues above
"Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels,” Freddie Mac Chief Economist Sam Khater said in a release. “It is clear affordability constraints have cooled the housing market, especially in expensive coastal markets. Many metro areas desperately need more new and existing affordable inventory to break out of this slump.”
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.
See other articles related to: interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-end-summer-notably-higher-than-a-year-ago/14365.
Most Popular... This Week • Last 30 Days • Ever

The center for the Washington Capitals is listing the 16,000 square-foot home for jus... read »

A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »

Back in 2023, Aria Development Group acquired a commercial building in Ballston with ... read »

DC would be following Montgomery County's lead if this bill passes.... read »

Home Depot's $20 billion secret garden; Buzzard Point development site hits market; a... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro