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Mortgage Rates Head Above 3.5% For First Time in Months

  • October 20th 2016

by UrbanTurf Staff

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Mortgage Rates Head Above 3.5% For First Time in Months: Figure 1

Since June, the average for long-term mortgage rates has been below 3.5 percent. That changed this week.

On Thursday, Freddie Mac reported 3.52 percent with an average 0.5 point as the average on a 30-year mortgage, jumping five basis points from last week, but still remaining notably lower than a year ago when rates averaged 3.79 percent.

“This is the first week in over four months that rates have risen above 3.50 percent,” Freddie Mac chief economist Sean Becketti said in a statement today. “This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.”

If you have been reading these weekly mortgage rate dispatches each week and have been wondering what the deal is with points attached to long-term rates, here is a good primer.

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_3.5_for_first_time_in_months/11808.

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