Mortgage rates jump amid refinance demand surge

Freddie Mac (FMCC) (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent.

News Facts

• 30-year fixed-rate mortgage averaged 3.65 percent with an average 0.7 point for the week ending March 19, 2020, up from last week when it averaged 3.36 percent. A year ago at this time, the 30-year FRM averaged 4.28 percent. 
• 15-year fixed-rate mortgage averaged 3.06 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.71 percent. 
• 5-year Treasury (TSRMF)-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent with an average 0.2 point, up from last week when it averaged 3.01 percent. A year ago at this time, the 5-year ARM averaged 3.84 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.