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6.32%: Mortgage Rates Pop

  • October 10th 2024

by UrbanTurf Staff

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The steady decline of long-term mortgage rates reversed on Thursday. 

Today, Freddie Mac reported 6.32% as the average on a 30-year mortgage, up 20 basis points from last week. 

“Following the release of a stronger-than-expected September jobs report, the 30-year fixed rate mortgage saw the largest one-week increase since April,” said Sam Khater, Freddie Mac’s Chief Economist. “However, we should remember that the rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year. Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.”

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 http://dc.urbanturf.production.logicbrush.com/articles/blog/632_mortgage_rates_pop/22809.

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