Mortgage rates creeped up again this week.
For the fifteenth time in the last 21 weeks, long-term mortgage rates increased, rising five basis points to 4.66 percent. The current rate remains the highest that rates have been since 2011.
"At a time when housing inventory remains extremely low, it’s worth watching whether these higher borrowing costs lead some would-be sellers to stay put in their current home," Freddie Mac said in a statement. "Inventory shortages would likely worsen if more homeowners decide not to sell out of reluctance of having a new mortgage with a higher rate."
Are these rising interest rates affecting your housing search? Let UrbanTurf know in our recent poll.
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-remain-at-7-year-highs/14023.
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