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Mortgage Rates Increase, But Remain Below 3%

  • August 13th 2020

by UrbanTurf Staff

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Long-term mortgage rates rose this week, but still remain near their lowest level on record. 

On Thursday, Freddie Mac reported 2.96% with an average 0.8 point on a 30-year mortgage, up 8 basis points from rates hitting their lowest level on record last week. 

“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” Freddie Mac's Sam Khater said in a release. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”

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.

See other articles related to: interest rates, mortgage rates, record low mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-increase-but-remain-below-3/17186.

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