“As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market,” said Sam Khater, Freddie Mac’s Chief Economist. “However, residential construction has declined for two consecutive months, and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers.”
- 30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week ending March 18, 2021, up from last week when it averaged 3.05 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
- 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week when it averaged 2.38 percent. A year ago at this time, the 15-year FRM averaged 3.06 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent with an average 0.3 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 5-year ARM averaged 3.11 percent.