Mortgage Rates Back Above 3%
Mortgage Rates Back Above 3%
The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.
“As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” says Sam Khater, Freddie Mac’s chief economist. “Historically speaking, rates are still low, but many potential home buyers are staying on the sidelines due to high home price growth. Rising mortgage rates combined with growing home prices make affordability more challenging for potential home buyers.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 14:
- 30-year fixed-rate mortgages: averaged 3.05%, with an average 0.7 point, rising from 2.99% last week. A year ago, 30-year rates averaged 2.81%.
- 15-year fixed-rate mortgages: averaged 2.30%, with an average 0.7 point, increasing from last week’s 2.23% average. A year ago, 15-year rates averaged 2.35%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.55%, with an average 0.2 point, increasing from last week’s 2.52% average. A year ago, 5-year ARMs averaged 2.90%.
Freddie Mac reports average commitment rates along with points to better reflect the total upfront cost of obtaining a mortgage.
Source:
©National Association of REALTORS®
Reprinted with permission
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