Mortgage rates moved lower this week, in time for the spring home buying season, Freddie Mac reports in its weekly mortgage market survey. After rising last week, the 30-year fixed-rate mortgage reversed course and inched down. The 30-year fixed-rate mortgage — the most popular — has remained below 4 percent for a year.
“Low and stable inflation is placing downward pressure on fixed mortgage rates,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at mortgage rate averages for the week ending March 21:
- 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.8 point, dropping from last week’s 3.63 percent average. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
- 15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.7 point, dropping from last week’s 2.79 percent average. Last year at this time, 15-year rates averaged 3.30 percent.
- 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.96 percent.
Source: Freddie Mac