Mortgage rates experienced the largest weekly increase since 2016
by Jacob Passy
Interest rates on home loans shot up higher over the past week as demand for refinances remained strong despite major fluctuations in stock and bond markets.
The 30-year fixed-rate mortgage averaged 3.65% during the week ending March 19, an increase of 29 basis points from the previous week, Freddie Mac FMCC, -0.60% reported Thursday. This was the largest weekly increase in the average 30-year mortgage rate since November 2016, and it’s the highest mortgage rates have been since mid-January.
The noted uptick in 30-year fixed-rate mortgage rates is a major reversal from just two weeks ago, when they had hit a record low at an average of 3.29%.