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Mortgage Rates Increase For Third Week In A Row

  • October 17th 2024

by UrbanTurf Staff

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Long-term mortgage rates continue to head in the wrong direction for homebuyers. 

Today, Freddie Mac reported 6.44% as the average on a 30-year mortgage, up 12 basis points from last week. It is the third week in a row that rates have increased. 

“In general, higher rates reflect the strength in the economy that is supportive of the housing market," said Sam Khater, Freddie Mac’s Chief Economist. "But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”

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_increase_for_third_week_in_a_row/22835.

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