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Mortgage Rates Stay Just Below 3%

by UrbanTurf Staff

Mortgage rates stayed just below 3% this week. 

Freddie Mac reported 2.99 percent with an average 0.6 point on Thursday, up four basis points from last week. Yesterday, UrbanTurf reported that high home prices and low inventory looked to finally be taking a hit on mortgage applications, something that Freddie Mac economist Sam Khater echoed in today's statement about rates. 

“Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough,” Khater said. “There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong."

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 http://dc.urbanturf.com/articles/blog/mortgage-rates-stay-just-below-3/18343

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