Mortgage rates broke out of their “holding pattern” and moved significantly lower during the week ended March 2, with the average rate for a 30-year, fixed-rate mortgage (FRM) at 4.10%, down from 4.16% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.64%.
The average rate for a 15-year FRM was 3.32%, down from 3.37%. A year ago at this time, the 15-year FRM averaged 2.94%.
The average rate for a five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) was 3.14%, down from 3.16%. A year ago, the five-year ARM averaged 2.84%.
“The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell six basis points to 4.1 percent,” says Sean Becketti, chief economist for Freddie Mac, in a release. “Since the beginning of the year, the 10-year Treasury yield has covered a 22-basis-point range. The range of movement for the 30-year has been half that, just 11 basis points.”