Mortgage Rates Fall As Spring Home Buying Season Begins

Posted by Patrick Barnard on March 19, 2015 No Comments
Categories : Residential Mortgage

After increasing the previous week, mortgage rates edged back down again during the week ended March 19, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.78%, down from 3.86% the previous week. A year ago at this time, the 30-year FRM averaged 4.32%.

The average rate for a 15-year FRM was 3.06%, down from 3.10% the previous week. A year ago at this time, the 15-year FRM averaged 3.32%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.97%, down from 3.01%. A year ago, the five-year ARM averaged 3.02%.

The average rate for a one-year Treasury-indexed ARM was 2.46%, unchanged from the previous week. At this time last year, the one-year ARM averaged 2.49%.

‘The average 30-year fixed mortgage rate fell to 3.78 percent this week following mixed housing data,’ says Len Kiefer, deputy chief economist, Freddie Mac, in a release. ‘Housing starts dropped 17 percent to a seasonally adjusted pace of 897,000 units, below market expectations. However, housing permits increased three percent in February. As we head into spring, home builders remain positive about home sales in the near future although the National Association of Home Builders Housing Market Index dropped another two points to [reach an index score of] 53 in March.’

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