Mortgage rates popped this week following a rush to refinance.
Today, Freddie Mac reported 3.65 percent with an average 0.7 point as the average for a 30-year mortgage. This rate is 36 basis points higher than the record low hit just two weeks ago. The pop is all about supply and demand.
“Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand. This is expected to be a short-term phenomenon as lenders work through their backlog,” Freddie Mac's Sam Khater said in a release. “On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday.”
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-spike-following-refinancing-surge/16614.
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