Mortgage rates trending higher

It’s Thursday and that means that Freddie Mac has released their weekly mortgage rate survey: Prime Mortgage Market Survey (aka PMMS). The PMMS is based on an average of conforming rates during the last week…so as soon as the PMMS is released, the data is a week old. The data is good for showing where mortgage rates have been. 

Mortgage rates are back to where they were around November…still very low BUT I feel that we may continue to see mortgage rates trend higher…especially if there are signs of inflation, such as this week’s strong retail sales report.

From the PMMS report:

“Reaching its highest point since mid-November, the 30-year fixed-rate mortgage averaged 2.81 percent this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates. While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”

If you are considering refinancing or buying a home located anywhere in Washington State, I am happy to help you!