Sub-3% mortgages are slowly fading into the rearview mirror as the 30-year fixed-rate mortgage continues to inch up. The 30-year fixed-rate mortgage averaged 3.09% this week, Freddie Mac reports.

So far, the increase in mortgage rates has not appeared to deter would-be buyers. Home purchase mortgage activity continues to remain elevated and sales of both new and existing homes are at a 14-year high.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 18:

*30-year fixed-rate mortgages: averaged 3.09%, with an average 0.7 point, rising from last week’s 3.05% average. Last year at this time, they averaged 3.65%.

*15-year fixed-rate mortgages: averaged 2.40%, with an average 0.7 point, increasing from last week’s 2.38% average. A year ago, they averaged 3.06%.

Source: Freddie Mac and “Instant Reaction: Mortgage Rates, March 18, 2021,” National Association of REALTORS® Economists’ Outlook blog (March 18, 2021)