Mortgage interest rates reversed course this week, falling across the board, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 4.31% for the week ending March 14, 2019, according to the survey, retreating from last week's rate of 4.41%.
Notably, this week’s rate is much lower than last year’s rate of 4.44%.
Freddie Mac Chief Economist Sam Khater said mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower.
“At 4.31%, the average 30-year fixed mortgage rate is at its lowest since February of last year,” Khater continued. “While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.”
The 15-year FRM averaged 3.76% this week, falling backward from last week’s 3.83%. This time last year, the 15-year FRM was much higher sitting at 3.90%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84%, sliding from last week’s rate of 3.87%. However, this rate remains moderately higher than the same time period in 2018, when it averaged 3.67%.
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