Freddie Mac said rates for fixed mortgages held largely steady
Average mortgage rates declined slightly during the week ending March 29, with fixed mortgage holding largely steady, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed mortgage averaged 4.44%, with an average 0.5 point, down from the previous 4.45%. The latest average represents an increase from the year-ago average of 4.14%.
The 15-year fixed-rate mortgage averaged 3.9%, with an average 0.5 point, down from the 3.91% average in the previous survey. A year ago at this time, the mortgage averaged 3.39%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.66%, with an average 0.4 point, slipping from the previous 3.68% average. The 5-year ARM averaged 3.18% in the same period in 2017.
“Treasury yields fell from a week ago helping to drive mortgage rates modestly lower,” Freddie Mac Deputy Chief Economist Len Kiefer said. “The yield on the 10-year Treasury dipped below 2.8% for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly. The US weekly average 30-year fixed mortgage rate fell one basis point to 4.44% in this week’s survey.”
