Mortgage Rates Inch Closer To 7%
✉️ Want to forward this article? Click here.
Long-term mortgage rates continued to get closer to 7% on Thursday.
Today, Freddie Mac reported 6.79% as the average on a 30-year mortgage, up 7 basis points from last week. Over the last month, long-term rates have risen nearly 50 basis points, sidelining homebuyers once again.
story continues below
loading...story continues above
“It is clear purchase demand is very sensitive to mortgage rates in the current market environment," said Sam Khater, Freddie Mac’s Chief Economist. "As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent.”
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: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_inch_closer_to_7/22905.
Most Popular... This Week • Last 30 Days • Ever
The high-end properties are set between the Potomac River/C&O Towpath and multiple pa... read »
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
The largest residential conversion planned in the neighborhood is continuing to move ... read »
Plans for the large new residential project are looking to get started again after mo... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... read »
- Two Stylish Single-Family Homes Debut in Walkable MacArthur Boulevard Location
- First-Timer Primer: What is a 203K Loan?
- 300-Unit Office-To-Residential Conversion in Georgetown Files Updated Design
- Plans Filed For 230-Unit Development At Brookland Metro Station
- The 4 Developments In The Works In Adams Morgan
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