Mortgage rates jumped to 3.12% this week, up from 3.04% according to Bankrate’s weekly survey of the largest lenders in the country.
Compared to this time last year, when rates were just under 4%, current rates are still hovering around historic lows, making it a great time to buy even despite the pandemic.
Over the past 52 weeks, which of course covers the entire COVID-19 crisis, 30-year fixed rate loans have averaged 3.49%, or about 0.37 percentage points higher than current rates that already factor in this week’s increase.
As noted by many mortgage pros, recent news of a COVID-19 vaccine becoming closer to being ready is giving everyone optimism towards the economic state starting to shift to a recovery and ultimately back to normalcy.
For now, most markets are seeing steady activity among first time home buyers, and many existing home buyers are exploring refinancing options in order to help soften whatever negative impact the virus has had on those households to this point.