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23-Year High: Mortgage Rates Rise Again

  • September 28th 2023

by UrbanTurf Staff

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Mortgage rate chart_09-28-23.png

Neither homebuyers nor home sellers will be happy with the direction that mortgage rates took this week. 

Freddie Mac reported 7.31% as the average on a 30-year mortgage on Thursday, up 12 basis points from last week. 

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,”  said Sam Khater, Freddie Mac’s Chief Economist.  “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”

As UrbanTurf highlighted last week, long-term rates have more than doubled since the beginning of last year. 

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 rate

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/23-year_high_mortgage_rates_rise_again/21520.

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