Long-term mortgage rates rose to their highest level since last August this week.
On Thursday, Freddie Mac reported 2.97 percent as the average on a 30-year fixed rate mortgage, up 16 basis points from last week.
“Optimism continues as the economy slowly regains its footing, thus affecting mortgage rates,” Freddie Mac's Sam Khater said in a release. “Though rates continue to rise, they remain near historic lows. However, when combined with demand-fueled rising home prices and low inventory, these rising rates limit how competitive a potential homebuyer can be and how much house they are able to purchase.”
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-just-below-3/17932.
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