The months-long streak of sub-3% interest rates has come to an end.
Long-term mortgage rates rose above 3% for the first time since last July on Thursday as Freddie Mac reported 3.02 percent as the average on a 30-year fixed rate mortgage, up 5 basis points from last week.
“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable,” Freddie Mac's Sam Khater said in a release. “While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”
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-rise-above-3-for-first-time-since-july/17961.
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