Mortgage Rates Jump … To 2.81%

Mortgage rates climbed for the first time in weeks but remain near historically low levels, according to the weekly Primary Mortgage Market Survey released Thursday by Freddie Mac.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point for the week, up from last week’s 2.73 percent and 3.49 percent last year at this time.
  • The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.7 point, up from last week’s 2.19 percent and last year’s 2.99 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77 percent with an average 0.2 point, down from last week’s 2.79 percent and last year’s 3.25 percent.

The 30-year fixed-rate mortgage is at its highest point since mid-November.

“Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”