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Mortgage Rates Hit 9-Month High
Long-term interest rates rose to their highest level since last summer on Thursday, but historically, still remain quite low.
Freddie Mac reported Thursday that long-term mortgage rates rose 8 basis points this week to 3.17%. It is the highest that rates have been since last June.
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“During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers,” Freddie Mac's Sam Khater said in a release. “Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.”
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.
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-hit-9-month-high/18045.
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