Mortgage rates going up again

The average interest rate on a 30-year fixed-rate mortgage rose to 3.05% in the week ending October 14, according to Freddie Mac, the highest rate since April. The 15-year fixed-rate mortgage rose to 2.3%.After falling steadily during the first year of the pandemic, rates reached a record low at the beginning of 2021, with 30-year mortgages at 2.65%. They rose through the spring to as high as 3.18% in April before falling again and settling in just under 3% for most of the summer.Now rates are expected to continue to gradually rise again, said Sam Khater, Freddie Mac’s chief economist, as inflationary pressure builds because of the ongoing pandemic

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