Mortgage Rates See Another Spike

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage sharply increased from 3.09% to 3.17% for the week ending March 25, 2021.

"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."

Additionally, the 15-year fixed-rate mortgage averaged 2.45%, up from 2.40% the previous week and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84%, up from last week's average of 2.79%.

‍Click here to see Freddie Mac's PMMS.