Mortgage rates have been on a relatively steady rise over the last two months and that continued this week.
On Thursday, Freddie Mac reported 3.75 percent with an average 0.6 point as the average for a 30-year mortgage, up six basis points from last week. The uptick in rates does not seem to be deterring buyers, however.
“Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years," Freddie Mac's Sam Khater said in a release. "Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.”
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/16145.
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