Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 4.67% for the week ending March 31.
“Mortgage rates continued moving upward in the face of rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions,” observes Sam Khater, Freddie Mac’s chief economist. “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.”
The 30-year fixed-rate mortgage averaged 4.67% with an average 0.8 point, up from last week when it averaged 4.42%. A year ago at this time, the 30-year FRM averaged 3.18%.
The 15-year fixed-rate mortgage averaged 3.83% with an average 0.8 point, up from last week when it averaged 3.63%. A year ago at this time, the 15-year FRM averaged 2.45%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.50% with an average 0.3 point, up from last week when it averaged 3.36%. A year ago at this time, the 5-year ARM averaged 2.84%.
Photo by Jacques Bopp on Unsplash
