Mortgage Rates Nudge Higher, Breaking Two-Year Streak

Mortgage rates are on the rise again, ending their brief dip below the two-year mark. Based on a recent survey, the average rate on a 30-year fixed mortgage has inched up to 6.12%, slightly above last week’s 6.08%. While the increase may seem minimal, it’s a reminder that the days of ultra-low borrowing costs are well behind us.

This time last year, homebuyers were staring at a much steeper 7.49% rate, making today’s rates feel like a bit of a reprieve. Still, the housing market remains a battleground of high borrowing costs, pushing some potential buyers to wait on the sidelines while others navigate the new normal. With inflation uncertainty and market fluctuations, it’s anyone’s guess where rates will go next, but for now, buyers face a market still hovering above averages.