Mortgage rates climbed higher for the fourth straight week as optimism around the economy improves, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey.
The survey found:
- The 30-year fixed-rate mortgage averaged 3.05 percent with an average 0.6 point, up from last week’s 3.02 percent and down from last year’s 3.36 percent.
- The 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.6 point, up from last week’s 2.34 percent and down from 2.77 percent last year at this time.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77 percent with an average 0.3 point, up from last week’s 2.73 percent and down from last year’s 3.01 percent.
“As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.”