The good news continues for homebuyers looking to jump into housing this spring as mortgage rates sink even lower, according to the latest Freddie Mac Primary Mortgage Market survey.
“The average 30-year fixed mortgage rate fell to 3.69 percent this week following a decline in 10-year Treasury yields. Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability,” said Len Kiefer, deputy chief economist with Freddie Mac.
The 30-year, fixed-rate mortgage averaged 3.69% for the week ended March 26, down from last week’s 3.78% and a last year’s 4.40%.
Also dropping, the 15-year, FRM, fell to 2.97%, down from last week when it averaged 3.06%. A year ago, the 15-year, FRM averaged 3.42%.
The 5-year, Treasury-indexed hybrid adjustable-rate mortgage came in at 2.92%, down from 2.97% a week ago and 3.10% a year ago.
The 1-year, Treasury-indexed ARM was the only one to remain unchanged, staying at 2.46%. At this time last year, the 1-year, ARM averaged 2.44%.
Bankrate posted that mortgage rates fell for the second week consecutive week, with the 30-year, fixed decreasing to 3.80% from 3.91% last week.
The 15-year, fixed dropped to 3.04%, down from 3.15% a week ago, while the 5/1 ARM dipped to 3.14%, down from 3.20% a week prior.
“Mortgage rates returned to the lowest point of 2015, a level seen three previous times from mid-January to early February. The catalyst was the Federal Reserve's downgrading of economic and inflation expectations for this year, which pushed back the expected timing of an initial interest rate hike,” analysts with Bankrate said about the report.
