ABBA First Mortgage News

Rates moving up

For the week ending March 12, Freddie Mac announced that 30-year fixed rates moved up to 3.36% from 3.29% the week before. The average for 15-year loans decreased to 2.77% and the average for five-year ARMs moved down to 3.01%. A year ago, 30-year fixed rates averaged 4.31%, almost 1.00% higher than today. “As refinance applications continue to surge and lenders work to manage capacity, 30-year fixed-rate loans ticked up from last week’s all-time low. Rates on home loans remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money,” said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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