Mortgage rates are going up again
(CNN) The days of ultra-cheap mortgages could be numbered, as rates rose back above the 3% mark last week.
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 summerNow 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 and tightening monetary policy.