Long-term mortgage rates rose again this week, and now exceed 4.5%.
Freddie Mac reported 4.67 percent with an average 0.8 point today, up 25 basis points compared to last week. Long-term rates have now risen almost 90 basis points in just three weeks.
“Mortgage rates continued moving upward in the face of rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions,” Freddie Mac's Sam Khater said in a statement. “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.”
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-to-467/19464.
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