Last week, Freddie Mac reported 4.72 percent with an average 0.5 point on a 30-year mortgage. At that rate, long-term rates are at their highest level since April 2011. And this ironically might be good for buyers.
“The robust economy, rising Treasury yields and the anticipation of more short-term rate hikes caused mortgage rates to move up,” Freddie Mac Chief Economist Sam Khater said in a release. “Even with these higher borrowing costs, it’s encouraging to see that prospective buyers appear to be having a little more success. With inventory constraints and home prices starting to ease, purchase applications have now trended higher on an annual basis for six straight weeks.”
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-hit-highest-level-in-7-years/14518.
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