Still High, Long-Term Rates Head Back Down

  • August 31st 2023

by UrbanTurf Staff

Mortgage rate chart 08-31-23.png

Long-term mortgage rates retreated from their 20-year highs this week.

Freddie Mac reported 7.18% as the average on a 30-year mortgage on Thursday, down 5 basis points from last week. 

“Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady,” said Sam Khater, Freddie Mac’s Chief Economist. “Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes.”

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: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/still_high_long-term_rates_head_back_down/21418.

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