Mortgage Rates Back on the Upswing, Nearing 7%

After two consecutive weeks of declines, mortgage rates are back on the rise this week, up to 6.87% from last week’s average of 6.74%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday. 

This week’s numbers:

  • The 30-year FRM averaged 6.87% as of March 21, 2024, up from last week when it averaged 6.74%. A year ago at this time, the 30-year FRM averaged 6.42%.
  • The 15-year FRM averaged 6.21%, up from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.68%.

What the experts are saying: 

“After decreasing for a couple of weeks, mortgage rates are once again on the upswing,” said Sam Khater, Freddie Mac’s chief economist. “As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.”

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