“Mortgage rates rose across all loan types this week as the 10-year Treasury yield reached its highest point since June,” says Sam Khater, Freddie Mac’s chief economist. “Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation, and emerging energy supply shortages, which compound other labor and materials shortages.”

An increase in mortgage rates over the next few months—even though expected to be slight—“will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year,” Khater adds.

Freddie Mac reports the following national averages for the week ending Sept. 30:

*30-year fixed-rate mortgages: averaged 3.01%, with an average 0.7 point, up from a 2.88% average last week. A year ago, they averaged 2.88%.

*15-year fixed-rate mortgages: averaged 2.28%, with an average 0.6 point, increasing from last week’s 2.15% average. A year ago, they averaged 2.36%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, September 30, 2021,” National Association of REALTOR® Economists’ Outlook blog (Sept. 30, 2021)