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Mortgage Rates Rise Above 3% For First Time in Months

by UrbanTurf Staff

Long-term mortgage rates rose above 3% for the first time in months this week. 

Freddie Mac reported 3.05 percent with an average 0.7 point on Thursday, up six basis points from last week. It was the first time that rates had crossed the 3 percent threshold since the spring. 

“The 30-year fixed-rate mortgage rose to its highest point since April,” Freddie Mac's Sam Khater said. “As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing.”

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 http://dc.urbanturf.com/articles/blog/mortgage-rates-rise-above-3-for-first-time-in-months/18828

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