According to the most recent Primary Mortgage Market Survey from Freddie Mac, mortgage rates have risen despite the U.S. Federal Reserve's move to cut interest rates to zero and its announcement of a $200 billion purchase of mortgage-back bonds.
"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, in a news release. "On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday."
The 30-year fixed-rate mortgage averaged 3.65%, which is up from 3.36% from last week. The 15-year fixed-rate mortgage stood at 2.77% last week but is now up to 3.06 for this week.
To learn more about the rise in mortgage rates for the week of March 19, click here.