Mortgage Rates Top 3% For First Time Since July

Mortgage rates climbed to 3.02 percent this week, their highest level since the week ending July 23, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday.

The survey found:

  • The 30-year fixed-rate mortgage averaged 3.02 percent with an average 0.6 point, up from last week’s 2.97 percent and down from 3.29 percent at this time last year.
  • The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.7 point, unchanged from last week and well below last year’s 2.79 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.73 percent with an average 0.3 point, down from last week’s 2.99 percent and below last year’s 3.18 percent.

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable,” said Sam Khater, Freddie Mac’s Chief Economist. “While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”