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Why Good Economic News Is Bad News For Homebuyers

  • February 22nd 2024

by UrbanTurf Staff

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Mortgage rates chart_02-22-24.png

To the chagrin of homebuyers, long-term mortgage rates continued to head up this week. 

On Thursday, Freddie Mac reported 6.90% as the average on a 30-year mortgage, up 13 basis points from last week. 

“Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market," said Sam Khater, Freddie Mac’s Chief Economist.  "The current cycle is different than historical norms, as housing affordability is so low that good economic news equates to bad news for homebuyers, who are sensitive to even minor shifts in affordability.” 

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/why_good_economic_news_is_bad_news_for_homebuyers/22001.

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