Long-term interest rates headed back up this week.
Freddie Mac reported 5.51% with an average 0.8 point on Thursday, up 21 basis points compared to last week. A year ago at this time, rates were below 3%.
“Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” Freddie Mac's Sam Khater said in a statement. “With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.”
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-head-back-up-to-55/19877.
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