Freddie Mac: Mortgage Rates Continue to Increase in March 12th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS”®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.05 percent.
“As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.”
– 30-year fixed-rate mortgage averaged 3.05 percent with an average 0.6 point for the week ending March 11, 2021, up from last week when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.36 percent.
– 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.6 point, up from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 2.77 percent with an average 0.3 point, up from last week when it averaged 2.73 percent. A year ago at this time, the 5-year ARM averaged 3.01 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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Source: Freddie Mac