Interest rates on fixed-rate mortgages rose slightly on a weekly basis, as the market waits on the Fed to resume its interest rate hikes, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.64% for the week ending March 3, according to Freddie Mac's weekly Primary Mortgage Market Survey. That was two basis points higher than
The 15-year fixed-rate mortgage rose 1 basis point from last week to an average of 2.94%. It was 3.03% a year ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84%, 5 basis points higher than last week, and 12 basis points lower than a year ago.
"Fed officials have been highlighting the downside risks to the economic outlook, and the market expects the Fed to refrain from any further short-term rate increases for now," Sean Becketti, Freddie Mac's chief economist, said in a Thursday news release.
