Mortgage Rates Spring Forward, Only Slightly

DAILY REAL ESTATE NEWS | FRIDAY, MARCH 11, 2016

For the second consecutive week, mortgage rates edged higher. But even with slight increases this week, mortgage rates still are “very attractive for the upcoming spring home-buying season,” Freddie Mac reports.

“The [30-year] mortgage rate remains 33 basis points lower than its end-of-2015 level,” says Sean Becketti, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 10:

  • 30-year fixed-rate mortgages: averaged 3.68 percent, with an average 0.5 point, rising from last week’s 3.64 percent average. Last year at this time, 30-year rates averaged 3.86 percent.
  • 15-year fixed-rate mortgages: averaged 2.96 percent, with an average 0.5 point, increasing slightly from last week’s 2.94 percent average. A year ago, 15-year rates averaged 3.10 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.4 point, rising from last week’s 2.84 percent average. Last year at this time, 5-year ARMs averaged 3.01 percent.

Source: Freddie Mac