Mortgage rates generally held steady this week, a relief for homebuyers who have been watching weekly mortgage rate hikes since the start of the year.
“After a month of gains, mortgage rates were virtually unchanged this week,” said Sam Khater, chief economist at Freddie Mac. “The recent rate hikes have yet to have a significant impact on buying demand, as history suggests that potential home buyers who are on the sidelines typically enter the market in the state of a rate hike cycle.”
Economists predict that mortgage rates will continue to rise gradually this year. The National Association of Realtors predicts the average rate will hit 3.9% by the end of the year.