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Mortgage Rates Remain Just Below 7%

  • 1:01 PM EST

by UrbanTurf Staff

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Long-term mortgage rates remained just below 7% this week. 

On Thursday, Freddie Mac reported 6.95% as the average on a 30-year mortgage, down one basis point from last week. 

"The 30-year fixed-rate has hovered between 6% and 7% for most of the last two and a half years. That trend continued this week,” said Sam Khater, Freddie Mac’s Chief Economist. "Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines.”

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_remain_just_below_7/23137.

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