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Mortgage Rates Stall Below 7%

  • 1:08 PM EST

by UrbanTurf Staff

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Long-term mortgage rates leveled off this week. 

Today, Freddie Mac reported 6.78% as the average on a 30-year mortgage, down 1 basis point from last week. It is the first time in several weeks that rates have not risen. 

“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist. “Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades." 

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: mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_stall_below_7/22922.

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