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A person is looking through telescope in the sky of houses.
Sam Island for Money

Low mortgage rates remain a bright spot in the pandemic economy, despite the fact that they have been inching up ever so slightly in recent weeks. This continues a pattern of incremental fluctuations amid uncertainty over the effect of the delta variant of the coronavirus will have on the economic recovery.

But if you’re in the market to buy a home or looking to refinance an existing mortgage, this could be the ideal time to find a lender and lock in a low rate before rates rise more. The average rate on a 30-year home loan recently crossed above 3% for the first time since early summer and currently sits at 2.99%.

In light of that, here are six predictions from housing industry experts on where mortgage rates are headed next. The text has been lightly edited:

Sam Khater

Who he is: Freddie Mac’s chief economist

What he expects: Rates are expected to move higher for the remainder of 2021. We expect rates to average 3.7% for 2022.

His reasoning: There are two main reasons why mortgage rates are expected to rise, inflation and monetary policy. Inflation has been more durable than expectations and is rising faster, broadening to affect more goods and services.

Rates are subject to change. All information provided here is accurate as of the publish date.