Long-term mortgage rates just keep climbing.
On Thursday, Freddie Mac reported that 30-year rates are averaging 4.08 percent with an average 0.5 point. Rates have now jumped dramatically since the presidential election three weeks ago, and the effect is being felt in the refinancing market.
“The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks,” Freddie Mac’s Sean Becketti said in a statement. “With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.”
While rates briefly jumped above 4 percent at the end of 2015, the average of 4.08 percent marks the highest that long-term rates have been since July 2015.
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_hit_highest_level_since_july_2015/11938.
Most Popular... This Week • Last 30 Days • Ever
This week’s Best New Listings includes a custom condo in downtown DC, a one-story h... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro