Mortgage Rates Move Up
MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.81 percent.
“Reaching its highest point since mid-November, the 30-year fixed-rate mortgage averaged 2.81 percent this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates. While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”
News Facts
- 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point for the week ending February 18, 2021, up from last week when it averaged 2.73 percent. A year ago at this time, the 30-year FRM averaged 3.49 percent.
- 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.7 point, up from last week when it averaged 2.19 percent. A year ago at this time, the 15-year FRM averaged 2.99 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent with an average 0.2 point, down from last week when it averaged 2.79 percent. A year ago at this time, the 5-year ARM averaged 3.25 percent.
