Mortgage Rates Continue to Increase
Freddie Mac (OTCQB: FMCC) reported an increase in mortgage rates for the week ending March 11, 2021. The 30-year fixed-rate mortgage averaged 3.05%, up from 3.02% last week, and 3.36% a year ago. The 15-year fixed-rate mortgage also rose to 2.38% from 2.34%, while the 5-year ARM increased to 2.77% from 2.73%. Chief Economist Sam Khater noted strong homebuyer demand despite the modest rise in rates, attributing it to economic improvements and ongoing vaccination efforts. Freddie Mac continues to support the housing market by providing mortgage capital.
- Strong homebuyer demand remains despite rising mortgage rates.
- 30-year fixed-rate mortgage increased by only 0.03% this week, indicating stability in the housing market.
- 30-year fixed-rate mortgage up from 3.36% a year ago, indicating potential affordability issues.
- Rising rates may impact refinancing opportunities for homeowners.
MCLEAN, Va., March 11, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.05 percent.
“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.”
News Facts
- 30-year fixed-rate mortgage averaged 3.05 percent with an average 0.6 point for the week ending March 11, 2021, up from last week when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.36 percent.
- 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.6 point, up from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent with an average 0.3 point, up from last week when it averaged 2.73 percent. A year ago at this time, the 5-year ARM averaged 3.01 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e91405e-f5da-4120-a148-6c1d94725ffc
FAQ
What is the current average rate for a 30-year fixed mortgage from Freddie Mac as of March 11, 2021?
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What was the trend for the 15-year fixed-rate mortgage reported by Freddie Mac?
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What is the significance of Freddie Mac's Primary Mortgage Market Survey?
