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Mortgage Rates Rise Above 7% For First Time This Year

  • April 18th 2024

by UrbanTurf Staff

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Long-term mortgage rates headed above 7% for the first time in 2024 on Thursday. 

Freddie Mac reported 7.10% as the average on a 30-year mortgage, up 22 basis points from last week. It is the first time since December that rates have been above 7%.

“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year," Sam Khater, Freddie Mac’s Chief Economist, said. "Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”

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_rise_above_7_for_first_time_this_year/22210.

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