# Mortgage Rates Jumped to 3% for the First Time in Weeks. Here’s Why That’s Still Good News

San Francisco Chronicle/Hearst Newspapers/Getty Images
Mortgage rates remain low after ticking up to 3% this week.

Mortgage rates jumped to 3% for the first time in a month.

The average 30-year fixed mortgage rate climbed 0.06% over the last week, according to Freddie Mac

Mortgage rates have made small movements this month, ranging from 2.94% to 3%. So overall, today’s mortgage and refinance rates are quite low. With competing factors pushing and pulling rates, some experts don’t expect big fluctuations in the near future.

Mortgage rates are higher than they were at the beginning of 2021, but still favorable for borrowers. “These are phenomenal rates. Don’t let great be the enemy of outstanding,” says Elliot Eisenberg, PhD, president and chief economist with the economic consultancy GraphsandLaughs, LLC. So even though rates aren’t at the bottom we had in January 2021, you can still use the current mortgage rates to your advantage.

American Express