Mortgage rates continue sharp uptick as fears of continued inflation persist

United States mortgage rates continued to jump this week, part of an ongoing rate spike that comes after rates hit notable lows late into last year.

As of Friday the average rate for a 30-year fixed rate mortgage was 4.42%, according to Freddie Mac, up from 3.76% at the beginning of the month. 

The spike is even more notable relative to last summer’s low of around 2.77%. 

The rise in rates comes as the U.S. enters the spring housing market period, traditionally a time in which sellers can reliably look toward a booming market for moving listings. 

Historically tight supply has already exacerbated the U.S. housing market for the past two years, with buyers scrambling to snatch up an extremely limited inventory of houses throughout the country. 

The National Association of Realtors noted on Friday that home sales in February dropped by more than 4 percent, “mainly due to the low number of homes for sale,” NAR Chief Economist Lawrence Yun said.