Mortgage rates were pretty stable before the new year. However, since the start of the year rates began to rise and it could continue to do so over the new few weeks, according to recent reports.
"The 30-year fixed-rate mortgage averaged 4.22% for the week ending Feb. 1, up from last week when it averaged 4.15%," according to National Mortgage News.
"A year ago at this time, the 30-year fixed-rate mortgage averaged 4.19%."
Unfortunately, Len Kiefer, deputy chief economist for Freddie Mac believes that future hikes are almost certainly going to continue.
"The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates," said Kiefer, according to the report.
"The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year."
It is clear that mortgage rates are feeling the pressure of the current labor market as well as GDP growth.
To learn more about the upcoming predictions for future mortgage rates, click on the image above.