Mortgage rates barely budged this week, but that likely soon will change after the Federal Reserve’s bond tapering announcement this week.

Rates are largely predicted to rise on the heels of the Fed’s decision to reduce its bond purchases before the end of the year. The National Association of REALTORS® is forecasting that 30-year fixed-rate mortgages will average 3.5% by mid-2022.

Freddie Mac reports the following national averages for the week ending Sept. 23:

*30-year fixed-rate mortgages: averaged 2.88%, with an average 0.7 point, up slightly from last week’s 2.86% average. Last year at this time, they averaged 2.90%.

*15-year fixed-rate mortgages: averaged 2.15%, with an average 0.6 point, rising from last week’s 2.12% average. A year ago, they averaged 2.40%.

Source: “Instant Reaction: Mortgage Rates, September 23, 2021,” National Association of REALTORS® Economists’ Outlook blog (Sept. 23, 2021) and Freddie Mac