Good news for all potential home buyers out there! For the first week of March, Freddie Mac’s weekly survey found that 30-year fixed rate morgages averaged 3.75%, down five basis points for the week prior and 53 basis points from the same time last year. The 15 year fixed mortgages dipped four basis points from last week to 3.03% and were down 29 basis points from last year.
Treasury-indexed hybrid adjustable-rate mortgages with five-year terms averaged 2.96%, down 3 basis points from the week before and 7 basis points from the year prior. One-year Treasury-indexed adjustable-rate mortgages averaged 2.44%, down 8 basis points from the year prior.
According to an article in National Mortgage News, Freddie Mac’s deputy chief economist Len Kiefer said in a press release”Mortgage rates fell across the board, with the 30-year fixed-rate mortgage reading 3.75% this week, Real GDP growth for the fourth quarter was revised down to 2.2% and consumer prices fell more than expected in January, tumbling 0.7%.”
Mortgage rates haven’t had a significant DROP in over four weeks! This look’s like good news for potential home buyers, especially because rates are expected to rise after this Spring. If you’re ready to buy a first time home or refinance, get a hold of us today while rates are low!
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