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Mortgage Rates Rise Above 6% For First Time Since 2008
Long-term mortgage rates topped 6% for the first time in 14 years on Thursday.
Freddie Mac reported 6.02% with an average 0.8 point on Thursday. Thirty-year rates have not been this high since 2008.
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“Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008,” Freddie Mac's Sam Khater said. “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.”
With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points from earlier this week here.
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.
See other articles related to: freddie mac, interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-rise-above-6-for-first-time-since-2008/20084.
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