Mortgage Rates trending higher

It feels kind of funny to write about mortgage rates trending higher when they’re still in the three percent range…which historically, is an extremely low interest rate. However, we have all become accustomed to the pandemic-era rates below 3%. Check out how much rates have moved since February for the 30 year fixed (blue line) as illustrated with the PMMS report released today. EDITORS NOTE: Rates posted below are EXPIRED! Please click here for current mortgage rates.

A year ago, at this time, the PMMS reported the 30 year fixed rate averaged at 3.65%. A rate that is still far below what is a historically “normal” mortgage rate.

It’s important to remember that Freddie Mac’s PMMS (prime mortgage market survey) is best used for seeing the trends of mortgage rates as it’s based on an average of mortgage rates from last week. You cannot get last week’s rates today (unless they happen to be the same). It’s more of a rear-view-mirror snapshot of mortgage rates.

I predict that rates will continue to slowly trend higher as we near the pandemic getting under control. Signs of inflation, such as wages going up, will also push mortgage rates higher.

If you’re interested in buying or refinancing a home located anywhere in Washington state, I’m happy to help you! Click here for a no-hassle mortgage rate quote.