Mortgage Rates Stay Low Heading Into Spring
The 30-year fixed-rate mortgage continues to average below 4 percent – a positive sign launching into the spring home-buying season, Freddie Mac reports in its weekly mortgage market survey. Average fixed-rate mortgages moved down across the board this week.
Freddie Mac reports the following national averages with mortgage rates for the week ending March 19:
- 30-year fixed-rate mortgages: averaged 3.78 percent, with an average 0.6 point, dropping from last week’s 3.86 percent average. Last year at this time, 30-year rates averaged 4.32 percent.
- 15-year fixed-rate mortgages: averaged 3.06 percent, with an average 0.6 point, dropping from last week’s 3.10 percent average. A year ago, 15-year rates averaged 3.32 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent.
- 1-year ARMs: averaged 2.46 percent, with an average 0.4 point, holding the same average as the prior week. A year ago, 1-year ARMs averaged 2.49 percent.
Source: Freddie Mac