An increase in mortgage rates has ended a 10-week streak of sub-3% rates, Freddie Mac reported Thursday.
For the first time since April, the benchmark 30-year fixed-rate mortgage rose above 3%, up nine basis points to 3.02%. Freddie Mac chief economist Sam Khater expects this upward trend to continue.
“As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year,” he said.