Mortgage rates increased significantly during the week ended March 9, with the average rate for a 30-year, fixed-rate mortgage (FRM) at around 4.21%, up from 4.10% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.68%.
The average rate for a 15-year FRM was 3.42%, up from 3.32%. A year ago at this time, the 15-year FRM averaged 2.96%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.23%, up from 3.14%. A year ago, the five-year ARM averaged 2.92%.
“The 10-year Treasury yield rose about 10 basis points this week,” says Sean Becketti, chief economist for Freddie Mac. “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 FOMC meeting are likely to set the direction of next week’s survey rate.”