30-Year Mortgage Rate Increases to 3.02% in the Week Ending March 4, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 4, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.02% with an average 0.6 point, up from last week when it averaged 2.97%. A year ago, at this time, the 30-year FRM averaged 3.29%. The 15-year fixed-mortgage averaged 2.34% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 2.79%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable. While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”