The rate on the 30-year fixed mortgage rose to 3.69%, up from 3.55% last week, according to Freddie Mac. That’s the highest point since the first week of January 2020 and well below the 2.73% it averaged a year ago.
Just like the stock market, it is difficult to predict the future of rates. However, the yield on the 10 year treasury continues to rise and inflation continues to present a problem. As a result, the Fed may have to raise rates to combat rising prices, which would in turn, boost mortgage rates.
So……if you are in the market to buy a home or considering refinancing, you may want to consider locking in your rate sooner rather than later.