U.S. mortgage rates continue to rise

U.S. mortgage rates rose again slightly this week, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 3.05% for the week ending March 11 — up from 3.02% last week. Over a month ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 3.36%.

Low mortgage rates help propel U.S. home sales and the refinance market.

“As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. “But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.”

As seen on Bizjournals