The 30-year fixed-rate mortgage surged to its highest average of the year this week, reaching 4.21 percent, Freddie Mac reports in its weekly mortgage market survey.
“The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s employment report and the outcome of next week’s Federal Open Market Committee meeting are likely to set the direction of next week’s survey rate.”
Freddie Mac reported the following national averages with mortgage rates for the week ending March 9:
- 30-year fixed-rate mortgages averaged 4.21 percent, with an average 0.5 point, rising from last week’s 4.10 percent average. Last year at this time, 30-year rates averaged 3.68 percent.
- 15-year fixed-rate mortgages averaged 3.42 percent, with an average 0.5 point, increasing from last week’s 3.32 percent average. A year ago, 15-year rates averaged 2.96 percent.
- 5-year hybrid adjustable-rate mortgages averaged 3.23 percent, with an average 0.4 point, increasing from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.92 percent.
Source: Freddie Mac