Mortgage rates withstood forces – namely inflation – pulling them higher this week, but their resistance is not expected to last.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average moved lower for the third straight week, slipping to 5.09% with an average 0.8 point. (A point is a fee paid to a lender equal to 1% of the loan amount. It is in addition to the interest rate.) It was 5.1% a week ago and 2.99% a year ago.