WASHINGTON–Mortgage rates declined last week for the second consecutive week, according to Freddie Mac.
The company reported:
- The average rate on the 30-year, fixed rate mortgage was 4.14% with an average 0.5 point for the week ending March 30, 2017, down from one week earlier when it averaged 4.23%. A year ago at this time, the 30-year FRM averaged 3.71%.
- The 15-year, fixed rate mortgage averaged 3.39% with an average 0.4 point, down from last week when it averaged 3.44%. A year ago at this time, the 15-year FRM averaged 2.98%.
- The five-year, Treasury-indexed hybrid ARM averaged 3.18% with an average 0.4 point, down from the prior week when it averaged 3.24%. A year ago, the five-year ARM averaged 2.90%.
"The 10-year Treasury yield remained relatively flat this week,” said Sean Becketti, chief economist, Freddie Mac, in a statement. “The 30-year mortgage rate fell nine basis points to 4.14%, another significant week-over-week decline. Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1% to an annualized rate of 592,000."