Earlier this week, UrbanTurf wrote about how long-term mortgage rates were on the verge of popping. On Thursday, they did just that.
Freddie Mac reported 4.16 percent with an average 0.8 point today, up 30 basis points compared to last week. A year ago, long-term rates were averaging 3.09 percent.
“The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019,” Freddie Mac's Sam Khater said in a statement. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.”
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/north-of-4-mortgage-rates-exceed-4-for-first-time-in-almost-three-years/19401.
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