real estate news continued from above
Freddie Mac reports the following national averages with mortgage rates for the week ending March 25:
30-year fixed-rate mortgages: averaged 3.17%, with an average 0.6 point, rising from last week's 3.09% average. A year ago, 30-year rates averaged 3.50%.
15- year fixed-rate mortgages: averaged 2.45%, with an average 0.6 point, increasing from last week's 2.40% average. Last year at this time, 1 5-year rates averaged 2.92%.
5-year hybrid adjustable-rate mortgages: averaged 2.84%, with an average 0.2 point, increasing from last week's 2. 79% average. A year ago, 5-year ARMs averaged 3.34%.
Freddie Mac reports commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.
Source: Freddie Mac and "Instant Reaction: Mortgage Rates, March 25, 2021," National Association of REALTORS® Economists' Outlook blog (March 25, 2021)