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Average Mortgage Rates Drop

Mortgage rates reversed course from last week heading lower with the start of the spring homebuying season. As of this week, the 30-year fixed has remained below 4 percent for the year.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved down for the week ending March 21, 2013. The average 30-year fixed rate mortgage fell to 3.54 from 3.63 percent last week. Last year at this time the 30-year FRM averaged 4.08 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 2.72 percent from 2.79 last week. Last year at this time, the 15-year FRM averaged 3.30 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) held steady at 2.61 percent.  A year ago, the 5-year ARM averaged 2.96 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM was down slightly this week to 2.63 percent from 2.64 percent last week. Last year at this time, the 1-year ARM averaged 2.84 percent.

Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Low and stable inflation is placing downward pressure on fixed mortgage rates. Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. In addition, our March Outlook calls for 30-year fixed mortgage rates to remain below 4 percent throughout this year.”

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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