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Mortgage Rates Head North Of 7%

  • January 16th

by UrbanTurf Staff

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Long-term mortgage rates have risen above 7% for the first time since the beginning of last summer. 

On Thursday, Freddie Mac reported 7.04% as the average on a 30-year mortgage, up 11 basis points from last week. It is the first time that rates have crossed 7% since May 2024. 

"The underlying strength of the economy is contributing to this increase in rates," Sam Khater, Freddie Mac’s Chief Economist, said in a release. "Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.”

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.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_head_north_of_7/23092.

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