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.
“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.
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.
Most Popular... This Week • Last 30 Days • Ever
Neighborhood Development Company has filed plans with DC's Historic Preservation Offi... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
One of the more prominent features of the project will be a public plaza that will ru... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
As home buyers get the itch to look for a home and start to venture out to open house... read »
The development will replace the 44,700 square-foot retail structure that was previou... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro