Long-term mortgage rates started out the new year at their highest level since 2020.
Freddie Mac reported 3.22 percent with an average 0.7 point on Thursday, up 11 basis points compared to last week. It is the highest that rates have been since May 2020.
“With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise," Freddie Mac's Sam Khater said. "The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth.”
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-start-out-2022-at-highest-level-in-months/19113.
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