Having jumped back over 3 percent two weeks ago, the average rate for a benchmark 30-year mortgage has since inched up to 3.05 percent, which is a six-month high.
And while 3.05 percent is still historically low, with the 30-year rate having averaged closer to 6 percent over the past 30 years, that’s 24 basis points (0.24 percentage points) higher than at the same time last year and 40 basis points above its all-time low of 2.65 percent back in January with expectations for a rate hike continuing to escalate with a jump in inflation.
At the same time, the average rate for a 5-year adjustable rate has inched up to 2.55 percent, but remains 35 basis points below its mark at the same time last year, while the average rate for a 15-year fixed-rate mortgage has inched up to 2.30 percent, which is within 5 basis points of its mark at the same time last year.
