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Long-Term Mortgage Rates Fall For First Time Since March

  • May 9th 2024

by UrbanTurf Staff

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Mortgage rate chart 05-09-24 (1).png

Long-term mortgage rates headed back down for the first time in a couple months on Thursday. 

Freddie Mac reported 7.09% as the average on a 30-year mortgage, down 13 basis points from last week. It is the first time since March that rates have decreased.

“An environment where rates continue to hover above seven percent impacts both sellers and buyers," Sam Khater, Freddie Mac’s Chief Economist, said. "Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”

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 http://dc.urbanturf.production.logicbrush.com/articles/blog/long-term_mortgage_rates_fall_for_first_time_since_march/22290.

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