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Should Buyers Be Scared That Mortgage Rates Are Rising?

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

Mortgage rates are no longer at ultra-low rates below 3% as they were this summer, but housing analysts are reminding house hunters that borrowing costs remain relatively cheap. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.14% this week.

“The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 28:

To learn more about rising mortgage rates and the home buying process, visit the SCOOP! Blog

Comments (3)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jackie, thanks for the mortgage rate update, had not heard they ventured over 3%.

Oct 31, 2021 08:15 AM
Jackie A. Graves

Hi Joan, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 😊


 
Nov 01, 2021 09:36 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Great information, thanks for sharing Jackie!

Mortgage rates are no longer at ultra-low rates below 3% as they were this summer, but housing analysts are reminding house hunters that borrowing costs remain relatively cheap. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.14% this week.

Oct 31, 2021 08:28 AM
Jackie A. Graves

Hi Sham, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 😊


 
Nov 01, 2021 09:36 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jackie, thanks for sharing this great blog with us here in the Rain.  Make it a great day!

Oct 31, 2021 11:29 AM
Jackie A. Graves

Hi Will, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 😊

Nov 01, 2021 09:34 AM