Mortgage Rates Reverse Course
Mortgage rates moved lower for the first time in four weeks, according to recently released data from Freddie Mac's Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 3.71 percent with an average 0.5 point for the week ending March 24, 2016, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 3.69 percent. "The Federal Reserve's decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield,” says Sean Becketti, chief economist, Freddie Mac. “As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table." The 15-year FRM averaged 2.96 percent with an average 0.4 point, down from the last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 2.97 percent. Data say the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent with an average 0.5 point, down from the week prior, when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.92 percent. For more information, visit www.freddiemac.com. |
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