Mortgage Rates Continue Their Move Upward

Freddie Mac’s latest Primary Mortgage Market Survey showed that mortgage rates are continuing their climb upward. (FM)

– 30-YR FIXED: Was up to 2.97% with an average 0.6 point for the week ending February 25th.  This is up from last week when it averaged 2.81%.  However, it is still down from a year ago when it averaged 3.45%.

– 15-YR FIXED:  Was up to 2.34% with an average 0.6 point.  This is up from last week when it averaged 2.21%. Like the 30-year it was down from a year ago when it average 2.95%.

Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “Though rates continue to rise, they remain near historic lows. However, when combined with demand-fueled rising home prices and low inventory, these rising rates limit how competitive a potential homebuyer can be and how much house they are able to purchase.”