For the first time in eleven weeks, long-term mortgage rates rose above 3.48 percent.
On Thursday, Freddie Mac reported 3.50 percent with an average 0.5 point as the average on a 30-year mortgage.
From Freddie Mac chief economist Sean Becketti on today’s rates:
The 10-year Treasury yield rose 18 basis points to 1.73 percent, its highest level since Brexit. The 30-year fixed-rate mortgage followed suit, rising 6 basis points to 3.50 percent this week. This is the first week since June that mortgage rates were above 3.48 percent, snapping an 11-week trend.
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_head_above_3.48_for_first_time_in_months/11682.
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