Last week, long-term mortgage rates rose to their highest level since the beginning of the summer.
On Thursday, Freddie Mac reported 3.57 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 week’s survey reflects pre-election market conditions,” Freddie Mac chief economist Sean Becketti said in a statement today. “As a result, the 30-year mortgage rate increased to 3.57 percent, only 3 basis points higher than last week’s level. On Wednesday, the 10-year Treasury yield closed above 2 percent, about 25 basis points higher than its pre-election value and its highest yield since January. At this point, it is too soon to tell whether Treasuries will hold this new level or if the mortgage rate will increase as much over the coming week.”
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_hit_highest_level_since_june/11886.
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