MCLEAN, Virginia, March 11, 2021 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary mortgage market research® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.05 percent.
“As the economy picks up, given the optimism in the job market, the continued rollout of vaccinations and pending additional stimulus, mortgage rates have risen this week,” said Sam Khater, chief economist at Freddie Mac. “But even with rates rising modestly, the housing market remains healthy ahead of the spring home buying season. Home buyer demand is strong and for homeowners who have not yet refinanced but want to do so, they have the chance not lost yet.”
- 30-year fixed-rate mortgage averaged 3.05 percent with an average of 0.6 points for the week ending March 11, 2021, up from last week when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.36 percent.
- Mortgage with a fixed interest rate of 15 years averaged 2.38 percent with an average of 0.6 points, up from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
- 5-Year Treasury Indexed Variable Rate Hybrid Mortgage (ARM) averaged 2.77 percent with an average of 0.3 points, up from last week when it averaged 2.73 percent. A year ago at this time, the 5-year ARM averaged 3.01 percent.
The PMMS focuses on conventional, compliant, full-paying home purchase loans for borrowers who deposit 20 percent and have excellent credit. Average commitment rates must be reported along with average fees and points to reflect the total initial cost of obtaining the mortgage. Visit the following link for the definitions. Borrowers may still pay closing fees that are not included in the survey.
Freddie Mac makes homes possible for millions of families and individuals by providing mortgage capital to lenders. Since our founding by Congress in 1970, we have made housing more accessible and affordable for homebuyers and renters in rural communities. We are building a better housing financing system for home buyers, renters, lenders, investors and taxpayers. More information on FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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