Mortgage Rates Move Down Again
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving down again across the board. Average fixed rates that continue to run below four percent will help keep affordability high for those in the market to buy a home as we head into the spring homebuying season.
30-Year Fixed Rate Mortgages
According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.69 percent, down from last week when it averaged 3.78 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent.
15-Year Fixed Rate Mortgages
The average 15-year fixed rate mortgage averaged 2.97 percent, down from last week when it averaged 3.06 percent. A year ago at this time, the 15-year FRM averaged 3.42 percent.
5-Year Adjustable Rate Mortgages
The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.92 percent, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.10 percent.
1-Year Adjustable Rate Mortgages
The average one-year Treasury-indexed ARM is at 2.46 percent, unchanged from last week. At this time last year, the 1-year ARM averaged 2.44 percent.
Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.
Attributed to Len Kiefer, deputy chief economist, Freddie Mac:
“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. Existing home sales in February increased slightly, but less than expected, to a seasonally adjusted annual rate of 4.88 million units. Meanwhile, new home sales [PDF] outperformed expectations and surged 7.8 percent to an annual pace of 539,000 units.”
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.
Want to Lock & Shop?
Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.
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