Long-term mortgage rates rose significantly this week.
Freddie Mac reported 3.45 percent with an average 0.7 point on Thursday, up 23 basis points compared to last week. It is the highest that rates have been since March 2020. Rates have risen almost 40 basis points since the beginning of the year.
"[The increase] was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains," Freddie Mac's Sam Khater said. "The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future.”
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-pop-rise-to-highest-level-in-almost-two-years/19141.
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