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The Seesawing of Mortgage Rates Continues
A week after dropping below 5%, long-term mortgage rates headed back north on Thursday.
Freddie Mac reported 5.22% with an average 0.8 point on Thursday, up 23 basis points compared to last week.
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“Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market," Freddie Mac's Sam Khater said in a statement. "Declines in purchase demand continue to diminish while supply remains fairly tight across most markets. The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”
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/the-seesawing-of-mortgage-rates-continues/19952.
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