Mortgage Rates Jump Up

Thu, 25 March 2021  |  housing interest rates 

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.17 percent.

“During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers,” said Sam Khater, Freddie Mac’s Chief Economist. “Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.”

News Facts

• 30-year fixed-rate mortgage averaged 3.17 percent with an average 0.7 point for the week ending March 25, 2021, up from last week when it averaged 3.09 percent. A year ago at this time, the 30-year FRM averaged 3.50 percent.
  
  
• 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, up from last week when it averaged 2.40 percent. A year ago at this time, the 15-year FRM averaged 2.92 percent.
  
  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent with an average 0.2 point, up from last week when it averaged 2.79 percent. A year ago at this time, the 5-year ARM averaged 3.34 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.

Source: FreddieMac