Mortgage Rates Climb Above 3%, Freddie Mac Says
June 24 2021 - 10:24AM
Dow Jones News
By Matt Grossman
Thirty-year mortgage rates climbed above 3% in the latest week,
the first time they rose above that threshold in the last 10 weeks,
according to Freddie Mac's latest survey.
For the week ended Thursday, the rate on a 30-day fixed rate
mortgage averaged 3.02%, up from 2.93% last week but lower than the
3.13% average a year earlier.
Rates on 15-year fixed-rate mortgages averaged 2.34%, compared
with 2.24% a week earlier. Fifteen-year rates averaged 2.59% a year
earlier, according to Freddie Mac.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average stood at 2.53%, up from 2.52% last week but lower
than the 3.08% rate a year earlier.
"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.
Mortgage rates fell throughout most of 2020 as the Covid-19
pandemic ravaged the economy. That helped power a boom in mortgage
lending, fueled by refinancings. When rates hit 2.98% in July 2020,
it was their first time under the 3% mark in some 50 years of
recordkeeping.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
June 24, 2021 10:14 ET (14:14 GMT)
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