19 Oct Mortgage Rates Jump to Highest Level Since April – and Inflation Concerns Could Push Them Higher
October 14, 2021
Mortgage rates rose back above the 3% mark, hitting the highest level since April, over the past week.
The 30-year fixed-rate mortgage averaged 3.05% for the week ending Oct. 14, up six basis points from the previous week, Freddie Mac FMCC, +2.86% reported Thursday. The high point this year for the benchmark mortgage product came in April when the rate on 30-year loans peaked at 3.18%.
The 15-year fixed-rate mortgage increased seven basis points to an average of 2.3%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose by three basis points to an average of 2.55%.