U.S. mortgage rates have increased for six straight weeks, a sign the historic low for mortgage rates is becoming a thing of the past.

The rise in mortgage rates comes as the demand for housing continues to hit all-time highs, as buyers outnumber sellers, and homes selling above listing price skyrocket.

Since January, mortgage rates have increased half a percentage point, according to a March 25 Freddie Mac report, which found the average 30-year fixed-rate mortgage is 3.17%, the highest level since June and up from 3.09% a week prior. Similarly, a 15-year fixed-rate mortgage is 2.45%, up from 2.40% a week earlier.

At the end of 2020, a 30-year fixed-rate mortgage was 2.67%, and a 15-year fixed-rate mortgage was 2.17%.

Redfin recently reported mortgage applications increased 3% week over week for the week ending March 19. They were up 26% from a year earlier.

Rising mortgage rates are contributing to a decline in refinancing. Refinances have declined for seven consecutive weeks to 60.9%, their lowest level since July, according to Bloomberg, which reported the days of cash-out financing may also be numbered.

Don't miss your opportunity to take advantage of these historically low rates. Let our team help you find your new shore home. Call us today!  609-780-1434