Outlets across the sector are reporting rising mortgage rates, which was inevitable following the historic lows of 2020. CNET reports that for a 30-year, fixed-rate mortgage, the average rate is 3.24 percent, up 4 basis points over the previous week. A 15-year, fixed mortgage is 2.51 percent, up 1 basis point from the same time last week.
Mortgage News Daily makes the connection to the improving COVID outlook, noting that when rates were at their lowest when COVID numbers were at their highest. As the country’s health and economic outlook improves, the financial panic will recede.
Matthew Graham, Mortgage News Daily COO shares, “let’s move on to wondering about what happens next. All too often in the past 2-3 weeks, there’s been a glimmer of hope in the bond market (which dictates day-to-day mortgage rate changes) only for things to get even worse in short order. We’ve reached another one of those ‘glimmer of hope’ moments now as rates have managed to avoid slipping above their highest levels in more than a year seen last Friday.”