Mortgage rates rose for the first time in several weeks, according to the latest Freddie Mac Primary Mortgage Market Survey.
For the week ending March 7, the average 30-year fixed rate was 4.41 percent. That was up from 4.35 percent the week before. A year ago, 30-year rates 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,” said Sam Khater, Freddie Mac’s chief economist.
The 15-year fixed rate was 3.83 percent during the week of March 7. A week before, it was 3.77 percent. Last year, the average 15-year mortgage rate was 3.94 percent.
Average rates for 5-year adjustable-rate mortgages were 3.87 percent for the week, an increase from 3.84 percent the week before. A year ago, 5-year ARM rates averaged 3.63 percent.
“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 continued into early 2019,” said Khater. “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.”