30-Year Mortgage Rate Ticks Higher in the Week Ending March 25, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 25, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.17% with an average 0.7 point, up from last week when it averaged 3.09%. A year ago, at this time, the 30-year FRM averaged 3.50%. The 15-year fixed-mortgage averaged 2.45% with an average 0.6 point, up from last week when it averaged 2.40%. A year ago, at this time, the 15-year FRM averaged 2.92%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “During the course of the pandemic, ‘home’ has become more important than ever. As a result, strong purchase demand continues—but buyers also outnumber the sellers. Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power. Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.”