Mortgage rates inched up slightly during the week ended March 31, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.71%, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.70%.
The average rate for a 15-year FRM was 2.98%, up from 2.96%. A year ago at this time, the 15-year FRM averaged 2.98%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 2.90%, up from 2.89%. A year ago, the five-year ARM averaged 2.92%.
“Dovish comments by Federal Reserve Chair Janet Yellen on Tuesday triggered a rally in Treasury markets and drove the 10-year yield down 13 basis points from last week’s high,” says Sean Becketti, chief economist for Freddie Mac, in a statement. “Yellen’s comments came too late to affect this week’s mortgage rate survey, and the 30-year mortgage rate remained unchanged at 3.71 percent. However, if the Fed’s cautious tone persists, mortgage rates may register the impact in subsequent weeks.”