30-Year Fixed Mortgage Rate Ticks Up Slightly

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 12th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.36%, with an average 0.7 point. Up from last week, when it averaged 3.29%. A year ago, at this time, the 30-year FRM averaged 4.31%. The 15-year fixed-mortgage rate averaged 2.77%, with an average 0.7 point. Down slightly from last week, when it averaged 2.79%. A year ago, at this time, the 15-year FRM averaged 3.76%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that “As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low.” Mortgage rates remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.