30-Year Mortgage Rate Creeps Higher in Week Ending April 29, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, up slightly from last week when it averaged 2.97%. A year ago, at this time, the 30-year FRM averaged 3.23%. The 15-year fixed-mortgage averaged 2.31% with an average 0.7 point, up from last week when it averaged 2.29%. A year ago, at this time, the 15-year FRM averaged 2.77%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data. The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”