The days of mortgage rates below 3% are fast coming to a close.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 2.97% with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 2.81% a week ago and 3.45% a year ago. The 30-year fixed average has risen 24 basis points in the past two weeks. (A basis point is 0.01 percentage point.)