Experts have attributed the recent upward trend in mortgage rates largely to the highest inflation in 40 years, and expectations that the Federal Reserve will ease up on pandemic-associated monetary policies such as raising short-term interest rates above zero.
The current increase in rates, up less than half a percentage point from the start of the year, is not huge, he says.
Mortgage rates will likely see some up and down movement in the near future but experts told us they expect them to stay fairly close to where they are now.
There was no week-to-week change in a similar survey by Freddie Mac, which saw the average 30-year fixed rate hold steady at 3.55%.
Its survey methodology and the time period in which it collects data each week differ from others, such as the Bankrate survey referenced throughout this article.
Despite rates being a bit higher than they were a month ago, it still might make sense to refinance your loan if you’re in certain situations.
You might be one of the nearly 6 million homeowners who could save money by refinancing, according to data from mortgage technology and data provider Black Knight.
You could also take advantage of the increased equity in your home because of rising home values by doing a cash-out refinance, which can help pay off high-interest debt, pay for college expenses, or fund a home improvement project.
You might need a larger down payment to stay within an affordable range because of rising home prices the past few years.
Don’t try to wait out the market in the hopes that home prices will come down and save you more than you’ll pay in rising interest rates, White suggests.
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