Mortgage rates increased for a fourth straight week, with the averages rate for a 30-year, fixed-rate mortgage rising to 3.05%, up from 3.02%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago, the 30-year FRM averaged 3.36%.
“As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.”
The average rate for a 15-year fixed-rate mortgage was 2.38%, up from 2.34% the previous week but down from 2.77% a year ago.
The average rate for five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.77%, up from 2.73% last week but down from 3.01% a year ago.
Photo: Stephan Henning