Mortgage Rates Head Above 3.5% For First Time in Months
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.”
story continues below
loading...story continues above
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.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
DC and Virginia lead the way in terms of where prices have risen the most this year.... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Margarite is a luxury 260-apartment property known for offering rich, high-end reside... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro