Long-Term Mortgage Rates Head Back Toward 7%

• April 11th 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Long-term mortgage rates headed back toward 7% this week. 

On Thursday, Freddie Mac reported 6.88% as the average on a 30-year mortgage, up 6 basis points from last week. 

“Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,” said Sam Khater, Freddie Mac’s Chief Economist. “While newly released inflation data from March continues to show a trend of very little movement, the financial market’s reaction paints a far different economic picture. Since inflation decelerated from 9% to 3% between June 2022 and June 2023, the annual growth rate of inflation has remained effectively flat, ranging from 3.1% to 3.7% and averaging 3.3%. The March estimate of 3.5% annual growth is in the middle of that range.

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_head_back_toward_7/22184.