Mortgage Rates Tick Up From Record Lows

• June 4th 2020

by UrbanTurf Staff

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Despite rising this week, long-term rates are still near their lowest level on record.

Today, Freddie Mac reported 3.18 percent with an average 0.7 point as the average for a 30-year mortgage. This rate is just slightly higher than 3.15 percent, the record low set just last week. 

“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery,” Freddie Mac's Sam Khater said in a release. “While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”  

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-tick-up-from-record-lows/16916.