Mortgage rates tick higher for the third straight week MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 The average thirty year year fixed mortgage rate climbed to six point forty four percent this week, Freddie Mac reported. Rates dipped to their lowest level in two years at the end of September, hitting six point eight percent in the wake of the Federal Reserve Board’s point five percent rate cut. Mortgage rates are not directly tied to the Fed rates and often fluctuate based on expectations within the market. Since the end of September, the average mortgage rate has climbed each of the last three weeks.

 “In general, higher rates reflect the strength in the economy that is supportive of the housing market” said Sam Khater, Freddie Mac’s chief economist. “But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.” The fifteen year fixed mortgage rate was five point sixty three percent this week. Last year at this time, the average thirty year rate was seven point sixty three percent and the fifteen year rate was six point ninety two percent.

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