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Rates broke the 3% barrier two weeks ago and have increased each week since, leading Freddie Mac\u2019s chief economist to call buyer competition \u201ca challenging reality.\u201d<\/span><\/span><\/p>\n<\/div>\n MCLEAN, Va. \u2013 The 30-year fixed-rate mortgage (FRM) averaged 3.09% this week, putting it past the psychologically noteworthy 3% mark for the second week in a row, according to Freddie Mac\u2019s weekly survey of mortgage rates.<\/span><\/span><\/p>\n \u201cAs expected, mortgage rates continued to inch up but are still hovering around 3%, keeping interested buyers in the market,\u201d says Sam Khater, Freddie Mac\u2019s chief economist.<\/span><\/span><\/p>\n \u201cHowever, residential construction has declined for two consecutive months and, given (today\u2019s) very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers.\u201d<\/span><\/span><\/p>\n The 30-year, fixed-rate mortgage averaged 3.09% with an average 0.7 point for the week ending March 18, 2021, up from last week\u2019s 3.05%. A year ago, the 30-year FRM averaged 3.65%.<\/span><\/span><\/p>\n The 15-year fixed-rate mortgage also rose, averaging 2.40% with an average 0.7 point, up from last week when it averaged 2.38%. A year ago, it averaged 3.06%.<\/span><\/span><\/p>\n And adjustable-rate mortgages moved higher too. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79% with an average 0.3 point, up from last week\u2019s 2.77%. A year ago, the 5-year ARM averaged 3.11%.<\/span><\/span><\/p>\n\n