30-Year Fixed Mortgage Rates are Moving Higher

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 19th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.65%, with an average 0.7 point. Up from last week, when it averaged 3.36%. A year ago, at this time, the 30-year FRM averaged 4.28%. The 15-year fixed-mortgage rate averaged 3.06%, with an average 0.7 point. Up from last week, when it averaged 2.77%. A year ago, at this time, the 15-year FRM averaged 3.71%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand. This is expected to be a short-term phenomenon as lenders work through their backlog. On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday.”