Freddie Mac’s most recent Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 3.17 percent for the week ending March 25.
This figure is up from last week, when it averaged 3.09 percent. A year ago at this time, the 30-year FRM averaged 3.5 percent.
“Since January, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential home buyers with less purchasing power,” explains Sam Khater, Freddie Mac’s chief economist. “Unfortunately, this has disproportionately affected the low end of the market, where supply is the slimmest.”
Freddie Mac notes that the 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, up from last week, when it averaged 2.4 percent. A year ago at this time, the 15-year FRM averaged 2.92 percent.
Meanwhile, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent with an average 0.2 point, up from last week, when it averaged 2.79 percent. A year ago at this time, the 5-year ARM averaged 3.34 percent.