Long-term mortgage rates shot up again this week.
Freddie Mac reported 4.42 percent with an average 0.8 point today, up 26 basis points compared to last week. Long-term rates have now risen almost 60 basis points in just two weeks.
“Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power," Freddie Mac's Sam Khater said in a statement. "In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.”
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-shoot-up-approach-45/19436.
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