Mortgage rates climbed to their highest levels since mid-November, with the 30-year fixed-rate mortgage averaging 2.79 percent for the week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.79 percent with an average 0.7 point, up from last week’s 2.65 percent and down from last year’s 3.65 percent.
- The 15-year fixed-rate mortgage averaged 2.23 percent with an average 0.7 point, up from last week’s 2.16 percent and down from last year’s 3.09 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.12 percent with an average 0.4 point, up from last week’s 2.75 percent and down from last year’s 3.39 percent.
“As Treasury yields have risen, it is putting pressure on mortgage rates to move up,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates are expected to increase modestly in 2021, they will remain inarguably low, supporting homebuyer demand and leading to continued refinance activity. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.”