Mortgage Rates Inch Up Slightly This Week

Freddie Mac  |   February 21, 2020

The 30-year fixed-rate mortgage averaged 3.49% this week, Freddie Mac reports. “The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up 15% from a year ago,” says Sam Khater, Freddie Mac’s chief economist. “We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season.” Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 20: 30-year fixed-rate mortgages: averaged 3.49%, with an average 0.7 point, up slightly from last week’s 3.47% average. Last year at this time, 30-year rates averaged 4.35%. 15-year fixed-rate mortgages: averaged 2.99%, with an average 0.8 point, up slightly from last week’s 2.97% average. A year ago, 15-year rates averaged 3.78%. 5-year hybrid adjustable-rate mortgages: averaged 3.25%, with an average 0.2 point, falling from last week’s 3.28% average. A year ago, 5-year ARMs averaged 3.84%.

Source: Freddie Mac