US Mortgage Rates Rise in the Week Ending March 12
Mortgage Rates Inch Higher as Housing Activity Picks Up
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending Thursday, March 12.
The 30-year fixed-rate mortgage averaged 6.11%, up from 6.00% the previous week. A year ago at this time, the 30-year rate averaged 6.65%.
The 15-year fixed-rate mortgage averaged 5.50%, down from 5.43% last week. A year ago at this time, the 15-year rate averaged 5.80%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage returned to last month’s level of 6.11%. Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February. Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year.”
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