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Mortgage Rates Hit 10-Week High – Rise Above 3%

The average rate for a 30-year, fixed-rate mortgage rose from last week’s 2.93% to 3.02% in one week, likely due to a surging economy and elevated inflation.

MCLEAN, Va. – Mortgage rates rose about 3% – to 3.02% – for the first time in 10 weeks, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

“As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” says Sam Khater, Freddie Mac’s chief economist. “For those homeowners who have not yet refinanced – and there remain many borrowers who could benefit from doing so – now is the time.”

Average mortgage rate overview for the week of June 24, 2021

  • The 30-year fixed-rate mortgage averaged 3.02% with an average 0.7 point, up from last week’s 2.93%. A year ago, it averaged 3.13%.
  • The 15-year fixed-rate mortgage averaged 2.34% with an average 0.7 point, up from last week’s 2.24%. One year ago, the 15-year FRM averaged 2.59%.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.53% with an average 0.3 point, up slightly from last week’s 2.52%. A year ago, the 5-year ARM averaged 3.08%.

Freddie Mac’s weekly rate study focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

© 2021 Florida Realtors®