Mortgage Rates Creep Above 3 Percent For The First Time In 10 Weeks

Following ten weeks of sub-3% averages, Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 3.02%.

“As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” said 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.”

According to Freddie Mac, the 15-year fixed-rate mortgage averaged 2.34%, up from last week's average of 2.24%. Last year the 15-year fixed-rate mortgage averaged 2.59% for the same period. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.53%, down considerably from last year when it averaged 3.08%.