After hovering below 3% for a month, the average 30-year fixed mortgage rate popped back up six basis points to exactly 3% last week, according to Freddie Mac‘s PMMS.

Mortgage rates climbed north of 3% over the first few months of 2021, but crested at 3.2% in March before descending again. Despite such a favorable rate climate, there remains a shortage of homes for sale, pointed out Sam Khater, Freddie Mac’s chief economist.

“The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of details ⇒

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