Borrowing costs held mostly steady this week, but how long will the reprieve last?

As the economic recovery continues through the spring and summer, mortgage rates are expected to resume their upward trajectory, says Sam Khater, Freddie Mac’s chief economist.

But for now, “since mortgage rates are still near historic lows, many people are rushing to benefit from these rates,” Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 3:

*30-year fixed-rate mortgages: averaged 3.55%, with an average 0.8 point, unchanged from last week. Last year at this time, they averaged 2.73%.

*15-year fixed-rate mortgages: averaged 2.77%, with an average 0.7 point, dropping from last week’s 2.80% average. A year ago, they averaged 2.21%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates: February 3, 2022,” National Association of REALTORS® Economists’ Outlook blog