Mortgage Rates Rise For First Time in 2017

by UrbanTurf Staff

Mortgage Rates Rise For First Time in 2017: Figure 1

Following an election spike, mortgage rates have fallen each week in 2017. That is, until this week.

Freddie Mac reported 4.20 percent with an average 0.5 point as the average for a 30-year mortgage today, up ten basis points from last week. Freddie Mac’s Sean Becketti highlighted the ever-present inventory shortage when discussing this week’s rates.

“The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale,” Becketti said in a statement. “According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.”

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 http://dc.urbanturf.com/articles/blog/mortgage_rates_rise_for_first_time_in_2017/12089

1 Comment

  1. Joseph Seriki said at 9:08 pm on Thursday January 26, 2017:
    This has been an eventful month to say the least. Looks like a lot of moving pieces. Looks like buyers may need to secure their home and return to the refinance market when things calm down. Waiting may seem like the answer but with inventory so low and prices consistently rising if the interest rates don't drop some people may get priced out of properties they previously could have purchased. Wow it's only the first month of 2017 and nothing looks the same as it did in 2016.........stay tuned

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