![\"mortgage](\"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/09\/09_27_18_Mortgage_Rates_Feature.jpg?resize=586%2C330&ssl=1\")
<\/p>\n<\/p>\n
The 30-year fixed-rate 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 \u201cMortgage rates rose across 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 energy<\/a> supply shortages, which compound other labor and materials shortages.\u201d<\/p>\n An increase in 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 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 Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 30:<\/p>\n 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":"\n