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Mortgage Rates Tick Up, New Home Sales Shrug

  • June 29th 2023

by UrbanTurf Staff

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Mortgage Rate Chart_06-29-23 (1).png

Long-term interest rates ticked up this week

Freddie Mac reported 6.71% as the average on a 30-year mortgage on Thursday, up four basis points compared to last week. 

“Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,” Sam Khater, Freddie Mac’s Chief Economist, said in a release. “New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.”

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_tick_up_new_home_sales_shrug/21194.

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