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Mortgage Rates Inch Closer To 7%

  • January 9th

by UrbanTurf Staff

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Long-term mortgage rates continue to head north, putting a damper on the plans of homebuyers who were looking to get into the market.

On Thursday, Freddie Mac reported 6.93% as the average on a 30-year mortgage, up two basis points from last week. It is the highest that rates have been since early July. 

“The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability," Sam Khater, Freddie Mac’s Chief Economist, said in a release. "The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.”

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/mortgage_rates_inch_closer_to_7/23065.

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