As many predicted, mortgage rates continued to inch up this week, hovering around or slightly above 3 percent. Headlines are inundating buyers and sellers alike with threats of impending rate hikes, though for buyers, interest remains high.
Based on data compiled by Credible Operations, Inc., and reported by Fox Business, mortgage rates have risen since March 18 for 30-year and 20-year fixed home loans.
- 30-year fixed mortgage rates: 3.125%, Up 3.000%, +0.125
- 20-year fixed mortgage rates: 2.875%, Up from 2.750%, +0.125
- 15-year fixed mortgage rates: 2.375%, Unchanging
- 10-year fixed mortgage rates: 2.250%, Unchanging
Earlier this month, mortgage rates rose above 3 percent for the first time in more than seven months. That’s up from the record low of 2.65 percent seen in January 2021.
Despite the rising numbers, historical context highlights that rates are still, in fact, on the lower end of the scale. The bigger challenge remains low inventory. Residential construction has been on the decline for two consecutive months, and coupled with low existing inventory, competition among potential homebuyers is challenging—but nonetheless continuing to drive the housing market frenzy.