Mortgage Rates Rise As Financial Markets Take Major Hit

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent.

“Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand. This is expected to be a short-term phenomenon as lenders work through their backlog,” said Sam Khater, Freddie Mac’s Chief Economist. “On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday.”

News Facts

• 30-year fixed-rate mortgage averaged 3.65 percent with an average 0.7 point for the week ending March 19, 2020, up from last week when it averaged 3.36 percent. A year ago at this time, the 30-year FRM averaged 4.28 percent. 

• 15-year fixed-rate mortgage averaged 3.06 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.71 percent. 

• 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.11 percent with an average 0.2 point, up from last week when it averaged 3.01 percent. A year ago at this time, the 5-year ARM averaged 3.84 percent.