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Mortgage rates hold steady


Key mortgage rates remained largely unchanged over the week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate rose a single basis point to 4.52 percent. Other key rates also moved up marginally.

“The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat,” Freddie Chief Economist Sam Khater said. “While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market.”

Freddie Mac is still expecting a marginal increase of 20 basis points in total home sales in 2018 to 6.14 million compared to last year.

“Given the strength of the economy, it is possible for home sales to pick up even more before year’s end,” Khater said. “The key factor will be if affordably-priced inventory increases enough to continue this recent trend of cooling price appreciation.”


 

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