Rates continued to rise last week, going over the 3.0% mark for the first time in several months.

For the week ending March 4, Freddie Mac announced that 30-year fixed rates increased to 3.02% from 2.97% the week before. The average for 15-year loans remained at 2.34% and the average for five-year ARMs fell to 2.73%. A year ago, 30-year fixed rates averaged 3.29%, just about 0.25% higher than today. "Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, and the impact on purchase demand has been noticeable. While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic. However, the rise in rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season,” 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.

Current Indices for Adjustable Rates
Updated March 5, 2021