{"id":14628,"date":"2021-10-01T05:00:00","date_gmt":"2021-10-01T05:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-back-above-3-will-they-keep-rising\/"},"modified":"2021-10-02T17:37:02","modified_gmt":"2021-10-02T17:37:02","slug":"mortgage-rates-back-above-3-will-they-keep-rising","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-back-above-3-will-they-keep-rising\/","title":{"rendered":"Mortgage Rates Back Above 3%. Will They Keep Rising?"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"8911\" data-permalink=\"https:\/\/amazingproperty.com.ng\/blog\/era-of-super-low-mortgage-rates-is-over\/09_27_18_mortgage_rates_feature-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?fit=586%2C330&amp;ssl=1\" data-orig-size=\"586,330\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"mortgage rates\" data-image-description=\"&lt;p&gt;mortgage rates&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;mortgage rates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?fit=586%2C330&amp;ssl=1\" class=\"size-full wp-image-8911\" src=\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?resize=586%2C330&#038;ssl=1\" alt=\"mortgage rates\" width=\"586\" height=\"330\" srcset=\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?w=586&amp;ssl=1 586w, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?resize=300%2C169&amp;ssl=1 300w\" sizes=\"auto, (max-width: 586px) 100vw, 586px\" \/><\/p>\n<h2>Mortgage rates are hovering near their record lows. \u201cConsumers shouldn\u2019t panic .<\/h2>\n<div>\n<div>\n<p>The 30-year fixed-rate <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> averaged 3.01% this week, posting a sharp rise after spending nearly four months below 3%. Economists expect mortgage rates to continue to increase modestly over the next few months.<\/p>\n<p>\u201cMortgage rates rose across <a class=\"thirstylink\" title=\"Loans for Real Estate Investors\" href=\"https:\/\/amazingproperty.com.ng\/blog\/recommends\/loans-for-real-estate-investors\/\"><strong>all loan types<\/strong><\/a> this week as the 10-year Treasury yield reached its highest point since June,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cMany factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation, and emerging <a href=\"https:\/\/amazingproperty.com.ng\/blog\/the-benefits-of-solar-roofing-for-your-home\/\">energy<\/a> supply shortages, which compound other labor and materials shortages.\u201d<\/p>\n<p>An increase in<a class=\"thirstylink\" title=\"Loans for Real Estate Investors\" href=\"https:\/\/amazingproperty.com.ng\/blog\/recommends\/loans-for-real-estate-investors\/\" rel=\"nofollow\"><strong> mortgage rates<\/strong><\/a> over the next few months\u2014even though expected to be slight\u2014\u201cwill likely have an impact on home prices, causing them to moderate slightly after increasing over the last year,\u201d Khater adds.<\/p>\n<p>Still, mortgage rates are hovering near their record lows. \u201cConsumers shouldn\u2019t panic,\u201d Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS\u00ae, writes on the association\u2019s blog. \u201cKeep in mind that even though rates will increase in the following months, these rates will still be historically low.\u201d NAR forecasts the 30-year fixed-rate mortgage to average 3.5% by mid-2022.<\/p>\n<p>Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 30:<\/p>\n<ul>\n<li><strong>30-year fixed-rate mortgages:<\/strong> averaged 3.01%, with an average 0.7 point, up from a 2.88% average last week. A year ago, 30-year rates averaged 2.88%.<\/li>\n<li><strong><a class=\"thirstylink\" title=\"Loans for Real Estate Investors\" href=\"https:\/\/amazingproperty.com.ng\/blog\/recommends\/loans-for-real-estate-investors\/\">15-year fixed-rate mortgages<\/a>:<\/strong> averaged 2.28%, with an average 0.6 point, increasing from last week\u2019s 2.15% average. A year ago, 15-year rates averaged 2.36%.<\/li>\n<li><strong>5-year hybrid adjustable-rate mortgages: <\/strong>averaged 2.48%, with an average 0.3 point, increasing from last week\u2019s 2.43% average. A year ago, 5-year ARMs averaged 2.90%.<\/li>\n<\/ul>\n<p>Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are hovering near their record lows. \u201cConsumers shouldn\u2019t panic . The 30-year fixed-rate mortgage &hellip; <a title=\"Mortgage Rates Back Above 3%. Will They Keep Rising?\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-back-above-3-will-they-keep-rising\/\"><span class=\"screen-reader-text\">Mortgage Rates Back Above 3%. Will They Keep Rising?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":8911,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[724],"tags":[4751,1293,12908,543,347,1329,604,408,1295,1292,312,41,818,3071,15282,1150],"class_list":["post-14628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-amazing","tag-high-mortgage-rates","tag-home","tag-home-buying-guide","tag-home-loan","tag-loan","tag-loans","tag-mortgage","tag-mortgage-rate","tag-mortgage-rates","tag-mortgages","tag-property","tag-real","tag-real-estate-loan","tag-ross","tag-u-s-bank-mortgage-rates"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?fit=586%2C330&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3871,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-mortgage-rates-boost-loan-demand\/","url_meta":{"origin":14628,"position":0},"title":"Lower Mortgage Rates Boost Loan Demand","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"Total mortgage activity\u2014which includes applications for refinancings and home purchases\u2014rose 2.7 percent on a seasonally adjusted basis as homeowners rushed to take advantage of lower mortgage rates. The refinance market was what drove last week\u2019s increase, rising 7 percent week over week as mortgage rates dropped to the lowest level\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8424,"url":"https:\/\/amazingproperty.com.ng\/blog\/much-more-to-mortgages-than-interest-rates\/","url_meta":{"origin":14628,"position":1},"title":"Much More to Mortgages Than Interest Rates","author":"Amazing Property","date":"February 26, 2018","format":false,"excerpt":"There's a significant consumer misconception that mortgages are all about interest rates. Find the lowest rate and you've got a great mortgage. Wrong. Yes, the sign-up interest rate can be important, but there is a lot more to consider. The many factors and decisions involved in mortgages determine what the\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"21a8964d6722dd60fe12f91dd284f041 S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/21a8964d6722dd60fe12f91dd284f041_S.jpg?fit=424%2C274&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6659,"url":"https:\/\/amazingproperty.com.ng\/blog\/lower-rates-spark-higher-loan-demand\/","url_meta":{"origin":14628,"position":2},"title":"Lower Rates Spark Higher Loan Demand","author":"Amazing Property","date":"October 18, 2017","format":false,"excerpt":"A slight decrease in mortgage rates brought refinancers and home shoppers back to lenders last week. Total mortgage application volume for refinancings and home purchases rose 3.6 percent week-over-week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. However, the volume still is nearly 19 percent below the\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Activity 101317.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Mortgage_Activity_101317.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Mortgage_Activity_101317.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/Mortgage_Activity_101317.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5032,"url":"https:\/\/amazingproperty.com.ng\/blog\/steadier-mortgage-rates-buoy-loan-demand\/","url_meta":{"origin":14628,"position":3},"title":"Steadier Mortgage Rates Buoy Loan Demand","author":"Amazing Property","date":"June 21, 2017","format":false,"excerpt":"[ad_1] Mortgage applications for refinancings and home purchases remained elevated last week as mortgage rates continued to give consumers incentive to make a move. \"Both the 10-year Treasury yield and the 30-year conventional mortgage fixed rate held steady last week, keeping rates well below the recent highs,\" says Lynn Fisher,\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Mortgage_Activity_062117.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Mortgage_Activity_062117.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/Mortgage_Activity_062117.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3300,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-applications-rise-as-rates-hit-2017-low\/","url_meta":{"origin":14628,"position":4},"title":"Loan Applications Rise as Rates Hit 2017 Low","author":"Amazing Property","date":"April 12, 2017","format":false,"excerpt":"More buyers moved to lock in rates last week, as mortgage costs dipped to their lowest average of the year. Total mortgage application activity\u2014which includes loans for home buying and refinancing\u2014increased 1.5 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Purchase applications\u00a0made up most\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6503,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-as-buyers-owners-pause\/","url_meta":{"origin":14628,"position":5},"title":"Loan Demand Stalls as Buyers, Owners Pause","author":"Amazing Property","date":"October 4, 2017","format":false,"excerpt":"Mortgage applications to purchase a home and for refinancing barely budged last week, the Mortgage Bankers Association reported Wednesday. Economists are blaming the stall in loan demand on rising interest rates and rising home prices. Total mortgage application for refinances and home purchases decreased 0.4 percent last week compared to\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Activity 100417.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage_Activity_100417.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage_Activity_100417.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage_Activity_100417.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/14628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=14628"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/14628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/8911"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=14628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=14628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=14628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}