Expect Mortgage Rates to Remain Low in 2021
Despite this week’s increase, rates still remain lower than a year earlier—when the pandemic had first hit the country. Also, expect mortgage rates to remain low near 3.3% in 2021, Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors, writes for the association’s Economists’ Outlook blog.
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, 15-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%.
Source: National Association of Realtors, Realtor Magazine
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