North of 7%: The Path of the 30-Year Mortgage Rate Since January
Long-term mortgage rates rose to a level that they haven't seen in decades on Thursday.
Freddie Mac reported 7.08% with an average 0.8 point on a 30-year mortgage this morning. It is the first time that 30-year rates have been above 7% since April 2002.
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“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month," said Sam Khater, Freddie Mac’s Chief Economist. "In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
The trajectory of rates upward since the beginning of the year has been historic. Below, UrbanTurf provides a quick timeline of rates since January:
- January 6, 2022 -- 3.22%
- Feburary 17, 2022 -- 3.92%
- March 24, 2022 -- 4.42%
- May 12, 2022 -- 5.30%
- June 23, 2022 -- 5.81%
- August 4, 2022 -- 4.99%
- September 8, 2022 -- 5.89%
- September 29, 2022 -- 6.7%
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/north_of_7_a_timeline_of_the_30-year_mortgage_rate_path_since_january/20248.
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