USA Today reports that mortgage interest rates have ticked up for three of the past four weeks, and while big increases are unlikely, further drops are, too.
The average for a 30-year, fixed-rate mortgage hit 3.53% this week, marking the first time rates pushed above 3.5% in more than three months, mortgage giant Freddie Mac reported Thursday. "I do think that perhaps the all-time low is behind us," says Freddie's chief economist, Frank Nothaft.
That all-time low was set in November when 3.31% was the average for a 30-year, fixed rate loan, according to Freddie Mac's weekly mortgage rate surveys.
For the rest of this year, Nothaft expects rates to gradually move higher, ending the year at about 3.75% and then moving above 4% sometime next year.