For the week ending March 24, 30-year rates rose sharply to 4.42% from 4.16% the week before.
In addition, 15-year loans increased to 3.63% and the average for five-year ARMs also climbed to 3.36%. A year ago, 30-year fixed rates averaged 3.17%, more than 1.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent, as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power. In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.”
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 25, 2022
|
Daily Value
|
Monthly Value
|
|
March 24
|
February
|
6-month Treasury Security
|
0.96%
|
0.64%
|
1-year Treasury Security
|
1.55%
|
1.00%
|
3-year Treasury Security
|
2.35%
|
1.65%
|
5-year Treasury Security
|
2.37%
|
1.81%
|
10-year Treasury Security
|
2.34%
|
1.93%
|
12-month LIBOR
|
|
1.288% (Feb)
|
12-month MTA
|
|
0.219% (Feb)
|
SOFR Index
|
|
1.042% (Feb)
|
Prime Rate
|
|
3.50% (3/22)
|