Rates continued to rise last week because of a lack of buyers for mortgage-backed securities with the markets being so volatile.
For the week ending March 19, Freddie Mac announced that 30-year fixed rates moved up to 3.65% from 3.36% the week before. The average for 15-year loans increased to 3.06% and the average for five-year ARMs rose to 3.11%. A year ago, 30-year fixed rates averaged 4.48%, almost 0.75% higher than today. "Rates on home loans rose again this week as lenders increased prices to help manage skyrocketing refinance demand and market volatility. This is expected to be a short-term phenomenon as lenders work through their backlog. On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday," 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 Rate Mortgages
Updated March 20, 2020
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Daily Value
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Monthly Value
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March 19
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February
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6-month Treasury Security
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0.06%
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1.51%
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1-year Treasury Security
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0.20%
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1.41%
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3-year Treasury Security
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0.53%
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1.31%
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5-year Treasury Security
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0.66%
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1.32%
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10-year Treasury Security
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1.12%
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1.50%
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12-month LIBOR
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1.382% (Feb)
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12-month MTA
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1.871% (Feb)
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11th District Cost of Funds
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0.984% (Jan)
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Prime Rate
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3.25% (March)
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