What's Hot: What Is Happening With DC-Area Rents In 2026?
Mortgage Rates End Summer Notably Higher Than A Year Ago
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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.
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"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.
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