30-Year Mortgage Rate Ticks Higher in the Week Ending March 18, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 18th March 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05%. A year ago, at this time, the 30-year FRM averaged 3.65%. The 15-year fixed-mortgage averaged 2.40% with an average 0.7 point, up from last week when it averaged 2.38%. A year ago, at this time, the 15-year FRM averaged 3.06%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market. However, residential construction has declined for two consecutive months and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers.”