Long-term interest rates continued rising this week, but they are not increasing quite as fast as previous weeks.
Freddie Mac reported 5.81% with an average 0.9 point today, up just 3 basis points compared to last week.
“The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales," Freddie Mac's Sam Khater said in a statement. "However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.”
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/the-rise-in-interest-rates-continues/19805.
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