Mortgage Rates Move Above 3% in the Week Ending June 24, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 24, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.02% with an average 0.7 point, up from last week when it averaged 2.93%. A year ago, at this time, the 30-year FRM averaged 3.13%. The 15-year fixed-mortgage averaged 2.34% with an average 0.7 point, up from last week when it averaged 2.24%. A year ago, at this time, the 15-year FRM averaged 2.59%.

Freddie Mac’s Chief Economist, Sam Khater, in remarks prepared for this week’s PMMS release said, “Mortgage rates have risen above three percent for the first time in ten weeks. As the economy progresses and inflation remains elevated, we expect that rates will continue to gradually rise in the second half of the year. For those homeowners who have not yet refinanced — and there remain many borrowers who could benefit from doing so — now is the time.”