As the economy continues to strengthen, mortgage rates are heading upwards. The 30-year fixed-rate mortgage increased from its 2.94% average last week to 3% this week, Freddie Mac reports.

“Mortgage rates are more likely to continue to rise than fall throughout the rest of 2021,” Nadia Evangelou, National Association of REALTORS® senior economist and director of forecasting, writes on the association’s Economists’ Outlook blog. “The economy is growing faster than expected as Americans get vaccinated against COVID-19 and resume traveling, going to restaurants, bars, events, and shows.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 20:

30-year fixed-rate mortgages: averaged 3%, with an average 0.6 point, rising from last week’s 2.94% average. Last year at this time, 30-year rates averaged 3.24%.

15-year fixed-rate mortgages: averaged 2.29%, with an average 0.7 point, increasing from last week’s 2.26% average. A year ago, 15-year rates averaged 2.70%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, May 20, 2021,” Economists’ Outlook/National Association of REALTORS® (May 20, 2021)