The nation’s average mortgage rate climbed slightly this past week, with the average 30-year fixed home loan standing at 3.99%. This is an increase of 4 basis points from the previous week. The average 15-year fixed rate loan has also climbed 5 basis points to 3.22%. 
While rates remain near their lowest levels of the year, Freddie Mac’s chief economist, Sean Becketti, explains that mortgage rates “could see an increase in next week’s survey“. This is likely due to increasing Treasury yields, and promising recent reports from the U.S. Census Bureau. The median household income has reached its highest level ever recorded, and poverty has decreased 12.7% in the past two years. As a result, some lenders are recommending that borrowers lock in their mortgage rates now, as they are expected to climb in the coming weeks. 