The 30-year fixed-rate mortgage decreased slightly, following two months of steady rises.
“The 10-year Treasury yield fell about 10 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 23:
- 30-year fixed-rate mortgages: averaged 4.23 percent, with an average 0.5 point, falling from last week’s 4.30 percent average. Last year at this time, 30-year rates averaged 3.71 percent.
- 15-year fixed-rate mortgages: averaged 3.44 percent, with an average 0.5 point, dropping from last week’s 3.50 percent average. A year ago, 15-year rates averaged 2.96 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.24 percent, with an average 0.4 point, dropping from a 3.28 percent average last week. A year ago, 5-year ARMs averaged 2.89 percent.