For the week ending March 2, rates rose to 6.65% from 6.50% the week before.

Rates continued their upward climb in the past week, as the February jobs report draws near. For the week ending March 2, rates rose to 6.65% from 6.50% the week before. In addition, 15-year loans increased to 5.89%. A year ago, 30-year fixed rates averaged 3.76%, more than 2.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.”

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 3, 2023