TPH - Mortgage rates continue weekly gains marginally higher at 3.09%

"As expected, mortgage rates continued to inch up but are still hovering around three percent, keeping interested buyers in the market," Freddie Mac’s Chief Economist Sam Khater commented.30-year fixed-rate mortgage averages 3.09% for the week ending Mar.18, marginally higher from 3.05% recorded in prior week and down from 3.65% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."However, residential construction has declined for two consecutive months and given the very low inventory environment, competition among potential homebuyers is a challenging reality, especially for first-time homebuyers," Khater further added.15-year FRM averages 2.4% vs. 2.38% a week ago and 3.06% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage average 2.79%, up from 2.77% a week ago, and down from 3.11% a year ago.With mortgage rates on the uptrend, homebuilder stocks today have been trading in the red: D.R. Horton (DHI), Toll Brothers (TOL), Taylor Morrison Home (TMHC),

For further details see:

Mortgage rates continue weekly gains, marginally higher at 3.09%