What goes down, apparently must go up. At least when it comes to 30-year fixed-rate mortgages, which showed an increase according to the weekly Freddie Mac primary mortgage market survey.
Here are the figures:
• 30-year fixed-rate mortgage averaged 3.36 percent with an average 0.7 point for the week ending March 12, 2020, up from last week when it averaged 3.29 percent. A year ago at this time, the 30-year FRM averaged 4.31 percent.
• 15-year fixed-rate mortgage averaged 2.77 percent with an average 0.7 point, down slightly from last week when it averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 3.76 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent with an average 0.2 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 3.84 percent.
“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.”
Read this week’s primary mortgage market survey