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Mortgage Rates Continue To Head Up

  • February 16th 2024

by UrbanTurf Staff

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Long-term mortgage rates jumped out of the 6.6% range this week. 

On Thursday, Freddie Mac reported 6.77% as the average on a 30-year mortgage, up 13 basis points from last week. 

"On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”

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_continue_to_head_up/21982.

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