Mortgage Rates Climb Higher in Week Ending January 14th, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 14th January 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.79% with an average 0.7 point, up from last week when it averaged 2.65%. A year ago, at this time, the 30-year FRM averaged 3.65%. The 15-year fixed-mortgage averaged 2.23% with an average 0.7 point, up from last week when it averaged 2.16%. A year ago, at this time, the 15-year FRM averaged 3.09%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “As Treasury yields have risen, it is putting pressure on mortgage rates to move up. While mortgage rates are expected to increase modestly in 2021, they will remain inarguably low, supporting homebuyer demand and leading to continued refinance activity. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”