The average 30-year-fixed rate mortgage climbed to 3.09% during the week ending Oct. 21, rising from 3.05% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.80%. Most economists believe they’ll continue to climb.
“Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
The rise in mortgage rates moved in concert with the 10-year Treasury yield, which reached 1.65 yesterday, its highest rate since May.
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