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Mortgage Rates Rise For 4th Consecutive Week

  • February 29th 2024

by UrbanTurf Staff

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Long-term mortgage rates continued to head north this week. 

On Thursday, Freddie Mac reported 6.94% as the average on a 30-year mortgage, up 4 basis points from last week. 

“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying,"  said Sam Khater, Freddie Mac’s Chief Economist. "While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.”

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_for_4th_consecutive_week/22024.

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