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    Mortgage interest rates slowly going up

    Mortgage interest rates started 2021 at all-time record lows. Throughout January and the first half of February, rates hovered slightly above those record lows. Then, as February came to a close, rates swiftly climbed upward.
    What are housing economists and financial experts expecting rates to do in March and the rest of the year?
    “Mortgage rates will be higher in March. The prospect for economic recovery is strengthening and thereby lessening the hold on safe U.S. Treasury yields,” says Lawrence Yun, chief economist for the National Association of Realtors. “In addition, more stimulus and the accompanying higher national debt will place upward pressure on inflation. Consequently, long-term interest rates, including the bench-mark 30-year fixed rate, will be rising.”
    “Mortgage rates will be volatile throughout the year, moving lower on signs of economic weakness and heading higher on signs of vaccination progress and a return to normalcy,” says Greg McBride, chief financial analyst for Bankrate.
    Monthly Average Commitment Rate and Points
    on 30-Year Fixed-Rate Mortgages
    February 2021 – Rate: 2.81% – Points: 0.7%
    February 2020 – Rate: 3.47% – Points: 0.7%
    January 2021 – Rate: 2.74% – Points: 0.7%
    January 2020 – Rate: 3.62% – Points: 0.7%
    The data/info presented above are the exact published results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) and are provided for informational purposes only.
    The data are not rate quotes and are not intended as an advertisement of interest rates as defined by Regulation Z, Section 1026.2. Averages are for conforming mortgages with 20% down. Average fees and points are provided to reflect the total upfront cost of obtaining a mortgage (one point equals one percent of the loan amount). No APR data is provided by Freddie Mac or PMMS.

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