02/10/2022

Housing Mortgage Rates Jump Again

They have reached a level not seen since early 2020

Mortgage rates increased again, rising to a level not seen since before the coronavirus (COVID-19) pandemic.

The 30-year fixed-rate mortgage averaged 3.69 percent in the week ending Feb. 10, up from 3.55 percent the week before, according to Freddie Mac. It's the highest since January 2020.

"The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic," said Sam Khater, Freddie Mac's chief economist. "Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand."

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