Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing mortgage rates in Baltimore and around the nation ticking higher for the first time in nearly two months.

The 30-year fixed-rate mortgage (FRM) averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016, up from last week when it averaged 3.62 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.

The 15-year FRM this week averaged 2.94 percent with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.5 point, up from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 2.96 percent.

Sean Becketti, chief economist at Freddie Mac, was quoted as saying, “The market turbulence that kicked off the year subsided at the end of February, providing at least a temporary break in the flight to quality. Treasury yields approached their highest level in a month, boosting the 30-year mortgage 2 basis points this week to 3.64 percent.

“Despite this welcome breather, 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.”

For more information on current Baltimore mortgage rates, contact Chris Montcalmo with Sierra Pacific Mortgage.

Source: Freddie Mac