{"id":18907,"date":"2021-05-25T11:57:17","date_gmt":"2021-05-25T11:57:17","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18907"},"modified":"2021-05-25T11:57:17","modified_gmt":"2021-05-25T11:57:17","slug":"mortgage-rates-move-up-now-average-3","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-rates-move-up-now-average-3\/","title":{"rendered":"Mortgage Rates Move Up, Now Average 3%"},"content":{"rendered":"

Mortgage Rates Move Up, Now Average 3%<\/h1>\n
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As the economy continues to strengthen, mortgage rates are heading upwards. The 30-year fixed-rate mortgage increased from its 2.94% average last week to 3% this week, Freddie Mac reports.<\/p>\n

\u201cMortgage rates are more likely to continue to rise than fall throughout the rest of 2021,\u201d Nadia Evangelou, National Association of REALTORS\u00ae senior economist and director of forecasting, writes on the association\u2019s Economists\u2019 Outlook blog. \u201cThe economy is growing faster than expected as Americans get vaccinated against COVID-19 and resume traveling, going to restaurants, bars, events, and shows.\u201d<\/p>\n

Despite the uptick, mortgage rates remain historically low, averaging 3%, down from 3.24% a year earlier. Home buyers are unlocking greater savings. For example, in 2008, mortgage rates averaged more\u00a0than 6%. But when a rate is 3% lower than that, as it is this week, it decreases monthly payments by $525 for the typical home buyer, Evangelou says.<\/p>\n

However, higher home prices are offsetting those\u00a0lower rates. Home prices are significantly higher than they were in 2008.<\/p>\n

Freddie Mac reports the following national averages with mortgage rates for the week ending May 20:<\/p>\n