Mortgage Rates Reverse Upward Trend

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 2.77%, down slightly from last week's average of 2.79%. A year ago, the 30-year fixed-rate mortgage averaged 3.60%.

“Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a global health crisis,” said Sam Khater, Freddie Mac’s chief economist. “We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher. However, we forecast rates to remain relatively low this year as the Federal Reserve keeps interest rates anchored near zero for a longer period of time, if needed until the economy rebounds.”

Meanwhile, the 15-year fixed-rate mortgage averaged 2.21%, down from last week's average of 2.23%. During the same period in 2020, the 15-year fixed-rate mortgage averaged 3.04%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80%, down from last week's average of 3.12%.