Mortgage rates seem to have headed in one way this summer -- sideways.
On Thursday, Freddie Mac reported 4.59 percent with an average 0.5 point on a 30-year mortgage, down slightly from last week. Since May, long-term mortgage rates have been zig-zagging between 4.55 percent and 4.66 percent. Last year at this time, 30-year rates came in at 3.9 percent.
“This stability is much needed for home sales, which have crested because of the multi-year run up in prices, tight affordable inventory and this year’s higher rates,” Freddie Mac Chief Economist Sam Khater said. “Going forward, the strong economy will support the housing market, but with affordability pressures mounting, further spikes in mortgage rates will lead to continued softening in home price growth.”
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-sideways-in-the-summer/14295.
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