WASHINGTON–Average mortgage rates last week moved lower.
According to Freddie Mac:
- The 30-year fixed-rate mortgage (FRM) averaged 4.10% with an average 0.5 point for the week ending March 2, 2017, down from the prior week when the product averaged 4.16%. One year ago at the same time, the 30-year FRM averaged 3.64%.
- The 15-year FRM averaged 3.32% with an average 0.5 point, down from one week prior when it averaged 3.37%. One year ago at the same time, the 15-year FRM averaged 2.94%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14% as of March 2, with an average 0.4 point, down from one week earlier when it averaged 3.16%. A year ago, the 5-year ARM averaged 2.84%.
"The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1%,” says Sean Becketti, chief economist, Freddie Mac. “Since the beginning of the year, the 10-year Treasury yield has covered a 22-basis point range. The range of movement for the 30-year has been half that, just 11 basis points."