After four straight weeks of climbing, mortgage rates inched down this week, offering buyers some relief.
Freddie Mac reports the following national averages for the week ending March 6:
- 30-year fixed-rate mortgages: averaged 4.28 percent, with an average 0.7 point, dropping from last week’s 4.37 percent average. Last year at this time, 30-year rates averaged 3.52 percent.
- 15-year fixed-rate mortgages: averaged 3.32 percent this week, with an average 0.6 point, dropping from last week’s 3.39 percent average. A year ago at this time, 15-year rates averaged 2.76 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.4 point, dropping from last week’s 3.05 percent average. Last year at this time, 5-year ARMs averaged 2.63 percent.
- 1-year ARMs: averaged 2.52 percent, with an average 0.3 point, holding steady from last week. A year ago, 1-year ARMs averaged 2.63 percent.
Source: Freddie Mac