Mortgage Rates Hit Highest Level Since July 2015

• December 1st 2016

by UrbanTurf Staff

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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.