Mortgage rates saw upward motion in the latest Freddie Mac Primary Mortgage Market Survey (PMMS) for the week ending March 7.
The 30-year fixed-rate mortgage (FRM) averaged 4.41 percent, up from last week when it averaged 4.35 percent. The 15-year FRM this week averaged 3.83 percent, up from last week when it averaged 3.77 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent, up from last week when it averaged 3.84 percent.
“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” said Sam Khater, Freddie Mac’s Chief Economist. “In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early 2019. However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring homebuying season.”