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Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 3.05%, up slightly from last week's average of 3.02%. While rates are up, the 30-year is still considerably lower year-over-year.
Additionally, the 15-year fixed-rate mortgage averaged 2.38%, up slightly from last week's average of 2.34% but down year-over-year. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77%, up from last week's average of 2.73% and down from last year's average of 3.05%.
"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."
Click here to read more from Freddie Mac's PMMS.
