Mortgage Rates Inch Up

Mortgage Rates Inch Up

Mortgage rates have risen over the past few weeks but are still lower than last Spring. As of February 25, 2021, the average rate for 30-year mortgages was 2.97%, up from just 2.65% on January 7 of this year, according to Freddie Mac.* The average rate for 15-year mortgages rose to 2.34%, up from 2.16% over the same period.

The average 30-year rate is still almost a half percent lower than it was a year ago, when the rate was 3.42%. Low mortgage rates continue to act as an incentive for home buyers, some of whom were left out of the market last year because they couldn’t find a home to buy. The low rates—which keep monthly payments down—should provide some counterbalance to higher home prices, pushed up during the last year by low supply.

*Freddie Mac plays an important role in increasing liquidity and stability in the housing market. It purchases mortgages from lenders, providing cash for lenders to make additional loans to home buyers.

Interest rate data and chart courtesy of Freddie Mac, February 25, 2021.

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