30-Year Fixed Mortgage Rate Ticks Up Slightly
Mortgage Rates Tick Up
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.
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