Mortgage Rates Are On The Way Up Again

Following a number of record-breaking weeks, the Freddie Mac Primary Mortgage Market Survey reported an increase in the 30-year fixed-rate mortgage, which averaged 2.79%. A year ago the 30-year fixed-rate mortgage averaged 3.65%.

“As Treasury yields have risen, it is putting pressure on mortgage rates to move up,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage rates are expected to increase modestly in 2021, they will remain inarguably low, supporting homebuyer demand and leading to continued refinance activity. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”

According to the PMMS, the 15-year fixed-rate mortgage averaged 2.23%, up from last week's average of 2.16%. Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12%, up from last week's average of 2.75%.

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