Mortgage rates fell below 3% for the first time on record last week. This week they edged just back above the 3% threshold.
On Thursday, Freddie Mac reported 3.01% with an average 0.8 point on a 30-year mortgage, up from 2.98% last week. It was the first time in weeks that rates rose week to week.
“While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop. In the short-term, this means the demand will continue on the back of near record low mortgage rates,” Freddie Mac's Sam Khater said in a release. “However, the most recent consumer spending data has been pointing to slow growth since mid-June. The concern is that the pause in economic activity will cause unemployment to remain elevated which will lead to longer-term labor market distress.”
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-move-just-north-of-3/17105.
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