Mortgage rates topped 3 percent for the first time in 10 weeks

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After ten weeks below the 3% average, Freddie Mac’s primary mortgage market research found that 30-year fixed rate mortgages averaged 3.02%.

“As the economy develops and inflation remains high, we expect rates to continue to gradually rise in the second half of the year,” said Sam Hather, chief economist at Freddie Mac. “For those homeowners who haven’t refinanced yet – and there are many borrowers who could benefit from it – now is the time.”

The 15-year fixed rate mortgages averaged 2.34%, according to Freddie Mac, compared to last week’s average of 2.24%. Last year, the average rate on 15-year fixed rate mortgages over the same period was 2.59%. Meanwhile, the Treasury-indexed five-year adjustable-rate hybrid mortgage averaged 2.53%, significantly lower than last year’s 3.08% average.

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