Rates Take a Breather After Big Jumps
After 5 consecutive weekly increases that saw the average 30-year, fixed-rate mortgage climb by more than 50 basis points, interest rates held steady at 3.55% last week. That is almost 100 basis points higher than we started 2021 with. Looking forward, 10-year bond rates, persistent inflation, and recent policy announcements by the Federal Reserve suggest that this reprieve will likely be temporary and rates are expected to resume their upward trend in the coming weeks, which should fuel additional urgency amongst would-be homebuyers over the near term.