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Mortgage Rates Rise, But So Does Buyer Activity

  • 12:48 PM EDT

by UrbanTurf Staff

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Long-term mortgage rates rose from their 3.5 year lows this week, but buyers are still pretty active.

Freddie Mac reported 6.11% as the average on a 30-year mortgage on Thursday, up 11 basis points from last week. 

“Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February," said Sam Khater, Freddie Mac’s Chief Economist. "Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year.”

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_rise_but_so_does_buyer_activity/24417.

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