Today's Mortgage Rates
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Mortgage rates crept a little bit higher again this week, with the 30-year FRM completing a rise of a little more than a quarter percentage point over the last month.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage rose by 5 basis points (0.05%) to 3.02%, the first time it has cracked the 3 percent mark in over seven months. After a meaningful rise last week, conforming 15-year FRMs stalled at 2.34%, holding fast at that level for a second week. The erratic initial rate for conforming hybrid 5/1 ARMs dropped by 26 basis points, erasing a 22 basis point climb of a week ago and dropping back to 2.73% in the latest survey.
After a volatile couple of weeks, it appears that financial markets have settled a bit, and the bond yields that influence fixed mortgage rates seem to have found a new range to wander in. Firming economic activity and loosening restrictions on businesses, increasing vaccination and falling incidence of infection are increasing optimism about the prospects for full economic recovery. At the same time, the Fed's commitment to both low rate policies and bond buying plus the potential for perhaps another $1.9 trillion in new fiscal stimulus raise the possibility that both faster growth and higher inflation may lie ahead, and these are conditions that allow interest rates to firm.
Perspective matters, though. Rates are only about as high as they were last July, when folks were cheering them as at or near all-time low levels.
It looks as though the rise in rates that underlie mortgages has ceased for the moment, but with growing optimism that brighter economic skies are on the horizon there is little reason to expect them to retreat much. Holding steady to perhaps a slight softening is their most likely stance in the days ahead.
In each week's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition on HSH.com or subscribe for email delivery.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 03/04 | 3.020% | 2.340% | 2.730% |
| 02/25 | 2.970% | 2.340% | 2.990% |
| 02/18 | 2.810% | 2.210% | 2.770% |
| 02/11 | 2.730% | 2.190% | 2.790% |
| 02/04 | 2.730% | 2.210% | 2.780% |
| 01/28 | 2.730% | 2.200% | 2.800% |
| 01/21 | 2.770% | 2.210% | 2.800% |
| 01/14 | 2.790% | 2.230% | 3.120% |
| 01/07 | 2.650% | 2.160% | 2.750% |
| 12/31 | 2.670% | 2.170% | 2.710% |
| 12/24 | 2.660% | 2.190% | 2.790% |
| 12/17 | 2.670% | 2.210% | 2.790% |
Mortgage Choices at a Glance
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Latest Mortgage Rate Analysis
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HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.
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