What's Hot: A Proposed Bill Would Give 20-Year Tax Abatement To New Development At DC Metro Stations
Two-Decade High: Mortgage Rates Rise to 6.92%
✉️ Want to forward this article? Click here.
Long-term mortgage rates are now at their highest level in 20 years.
Freddie Mac reported 6.92% with an average 0.8 point this morning, up from 6.66% last week. Rates have not been this high since April 2002.
story continues below
loading...story continues above
“We continue to see a tale of two economies: strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears and housing affordability are driving housing demand down precipitously," Sam Khater, Freddie Mac's Chief Economist, said. "The next several months will undoubtedly be important for the economy and the housing market.”
With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points here.
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/two-decade_high_mortgage_rates_rise_to_692/20194.
Most Popular... This Week • Last 30 Days • Ever

This week’s Best New Listings includes a rowhouse on Truxton Circle that checks a l... read »

Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »

In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »

Today, UrbanTurf heads down to a portion of Southwest DC to see what large residentia... read »

The third phase is a 10-story residential building with approximately 180–233 mixed... read »
- Best New Listings: Two In Truxton Circle; Three On The Hill
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- What Are the Annual Maintenance Costs When You Own a Home?
- The 6 Big Residential Projects (And Conversions) In The Works For Southwest DC
- Map Amendment Looks To Pave Way For Final Phase Of DC's Northwest One Project
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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro