US mortgage rates are rising

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According to Freddie Mack, mortgage rates in the US rose slightly this week, but still remain below the 3% mark. The 30-year fixed mortgage rate averaged 2.99% for the week ending June 3, up from 2.95% last week. More than two months ago, mortgage rates hit 2.65%, the lowest since tracking began in 1971. A year ago, mortgage rates were 3.18%.

Low mortgage rates are helping to stimulate US home sales and the refinancing market.

“Home prices continue to rise while stocks remain low and new home construction cannot happen fast enough,” said Sam Hather, chief economist at Freddie Mac. “There are many potential home buyers who would like to take advantage of the low mortgage rates, but the competition is fierce. For homeowners, however, continued low rates make refinancing a worthwhile option. ”

Read the full story at cleveland.com’s sister site, Cleveland Business Journal.

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