Mortgage Rates Jumped After Weeks of Moderating

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After weeks of moderating, mortgage rates increased during the week ended March 7, with the average rate for a 30-year fixed-rate mortgage rising to 4.41%, up from 4.35% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.46%.

The average rate for a 15-year fixed-rate mortgage was 3.83%, up from 3.77% the previous week. A year ago at this time, the average rate for a 15-year was 3.94%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.87%, up from 3.84%. A year ago at this time, the average rate for a five-year ARM was 3.63%.

“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” says Sam Khater, chief economist for Freddie Mac, in a statement. “In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early 2019. However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring home buying season.”

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