Mortgage Rates Rise After Two Weeks Of Decline

(RTTNews) - Mortgage rates, or interest rates on home loans, rose this week after slipping for two consecutive weeks, as U.S. Treasury yields increased, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.85 percent for the week ending March 10, 2021, up from 3.76 percent last week. A year ago at this time, the average rate was 3.05 percent.

The 15-year FRM this week averaged 3.09 percent, up from 3.01 percent last week. A year ago at this time, the 15-year FRM averaged 2.38 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.97 percent, up from last week when it averaged 2.91. It was 2.77 percent a year ago.

"Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased," said Sam Khater, Freddie Mac's Chief Economist. "Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term."