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U.S. Mortgage Interest Rates Up, Still Below Year-Ago Levels

Mar 10, 2019 8:12:14 PM

Average U.S. mortgage interest rates increased for the first time in four weeks, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Happy Homebuyer Who Did Their Homework on Home LoansThe 30-year, fixed-rate mortgage averaged 4.41 percent, with an average 0.5 point, for the week ending March 7, 2019, an increase from the previous week when the 30-year note averaged 4.35 percent. Last year the 30-year loan averaged 4.46 percent.

“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row," Sam Khater, Freddie Mac’s chief economist, said. "In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales [nationwide] continued into early 2019. However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring homebuying season.”

The 15-year, fixed-rate mortgage loan averaged 3.83 percent, with an average 0.4 point, compared to 3.77 percent the previous week and 3.94 percent during the same week in 2018.

The five-year, adjustable-rate mortgage (ARM) averaged 3.87 percent, with an average 0.3 point, compared to 3.84 percent the previous week. A year ago, the five-year arm averaged 3.63 percent.

The Mortgage Bankers Association reported last week that purchase loan applications increased 1 percent compared to the same week in 2018.

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Topics: Mortgage Rates & News

   

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