Despite this week’s decline, mortgage rates have risen by more than a full percentage point over the last six months, says Sam Khater, Freddie Mac’s chief economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months,” Khater says. “As we enter the spring home buying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 24:

*30-year fixed-rate mortgages: averaged 3.89%, with an average 0.8 point, dropping from last week’s 3.92% average. Last year at this time, they averaged 2.97%.

*15-year fixed-rate mortgages: averaged 3.14%, with an average 0.7 point, dropping slightly from last week’s 3.15% average. A year ago, rates averaged 2.34%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, February 24, 2022,” National Association of REALTORS® Economists’ Outlook blog