30-Year Mortgage Rate Tick Higher in the Week Ending March 11th, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 11th March 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.05% with an average 0.6 point, up from last week when it averaged 3.02%. A year ago, at this time, the 30-year FRM averaged 3.36%. The 15-year fixed-mortgage averaged 2.38% with an average 0.6 point, up from last week when it averaged 2.34%. A year ago, at this time, the 15-year FRM averaged 2.77%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week. But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.”

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Mortgage Rates Continue to Increase