Mortgage Rates Average 2.97 Percent This Week

MCLEAN, Va. — Freddie Mac Thursday, Feb. 25, released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.97 percent.

“Optimism continues as the economy slowly regains its footing, thus affecting mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Though rates continue to rise, they remain near historic lows. However, when combined with demand-fueled rising home prices and low inventory, these rising rates limit how competitive a potential homebuyer can be and how much house they are able to purchase.”

News Facts

• 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.6 point for the week ending February 25, 2021, up from last week when it averaged 2.81 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.

• 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week when it averaged 2.21 percent. A year ago at this time, the 15-year FRM averaged 2.95 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent with an average 0.1 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 5-year ARM averaged 3.20 percent.