(FOX BUSINESS) – Mortgage rates have climbed past 3% for the first time in over two months, according to Freddie Mac's latest weekly Primary Mortgage Market Survey.
Economists expect rates to continue to go up amid elevated inflation and signals from officials that the Federal Reserve may raise interest rates sooner than earlier projections.
"Mortgage rates have risen above three percent for the first time in ten weeks," said Sam Khater, Freddie Mac’s chief economist. "As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced – and there remain many borrowers who could benefit from doing so – now is the time."
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