Potential Homebuyers Deterred by Increase in Mortgage Rates in February
2021 In February 2021, potential homebuyers were faced with a significant increase in mortgage rates. This sudden jump in rates has caused many potential buyers to reconsider their plans to purchase a home. The average rate for a 30-year fixed mortgage rose from 2.67% in January 2021 to 2.98% in February 2021. This is the highest rate since August 2020 and the second-highest rate since April 2020. This increase in mortgage rates has caused potential homebuyers to pause and reconsider their plans to purchase a home. The increase in mortgage