Mortgage Rates Rise Again, But Still Near Record Lows

• May 14th 2020

by UrbanTurf Staff

Mortgage rates rose slightly for the second week in a row on Thursday, but still remain just above their all-time low set at the end of April. 

On Thursday, Freddie Mac reported 3.28 percent with an average 0.7 point as the average for a 30-year mortgage, up five basis points from the record lows of April 30. 

“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” Freddie Mac's Sam Khater said in a release. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”

The DC-area is experiencing the low supply of homes for sale alluded to above. In April, the number of new listings coming on the market fell to the lowest level for April in ten years, resulting in just a 1.36-month supply of homes for sale. 

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-again-but-still-near-record-lows/16839.