Mortgage rates have continued to climb in recent weeks, reaching the highest level seen this year. Last week, the average fixed mortgage rate rose 15 basis points to 6.96%, according to data from Freddic Mac’s Primary Mortgage Market Survey. This marks the third consecutive week of increasing mortgage rates, with increases of 20 and 10 basis points seen in the two prior weeks.

The current rate of 6.96% is a new high for 2021, rising above the 6.86% and 6.90% seen the past two weeks. This increase continues a trend of retreating from earlier 2021 lows that tumbled below 3.00%. Despite the current increase in mortgage rates, those rates remain lower than pre-pandemic levels of above 4.00%.

Key points:
• Mortgage rates have been rising, increasing by 15 basis points to 6.96%• This is the third consecutive week of increases, with prior weeks seeing 20 and 10 basis point growth• 6.96% is the highest rate seen this year• Rates remain below pre-pandemic levels of above 4.00%

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