Long-term mortgage rates just hit their highest level in quite some time.
On Thursday, Freddie Mac reported 4.61 percent with an average 0.4 point as the average for a 30-year mortgage, up six basis points from last week and now at their highest level since 2011.
Last week, Freddie Mac chief economist Sam Khater noted that rising rates haven't dampened home buyer demand much just yet, but that might change if the rising trend continues.
“While this year’s higher mortgage rates have not caused much of a ripple in the strong demand levels for buying a home seen in most markets, inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.”
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-seven-years/13995.
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