US Fixed-Rate Mortgages Climb Higher in the Week Ending March 21st
Mortgage Rates Increase, Nearing Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 21st.
The 30-year fixed-rate mortgage averaged 6.87%, up from last week when it averaged 6.74%. A year ago at this time, the 30-year rate averaged 6.42%.
The 15-year fixed-rate mortgage averaged 6.21%, up from last week when it averaged 6.16%. A year ago at this time, the 15-year rate averaged 5.68%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“After decreasing for a couple of weeks, mortgage rates are once again on the upswing. As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.”
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