Mortgage rates throughout the year 2021 have been on the rise climbing steadily over the first few months. This trend has continued as of late, culminating last week, with rates reaching a yearly high of 7.65%. The latest rate increase was preceded by a significant drop at the end of April.

The steady march of 2021’s yearly mortgage rates did take a brief pause, as the week ended with rates only slightly lower at 7.44%. This decrease has trend analysts questioning whether the impacts of the latest rate increase will be sustained or if the prices are expected to eventually decline. Key points of the summary include:

• Mortgage rates in 2021 have been steadily increasing
• Last week saw a new yearly high of 7.65%
• Rates ended the week only slightly lower at 7.44%
• Latest rate increase could be short-lived or long-term

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