Home shoppers are finding some of the lowest mortgage rates in more than a year.
“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,” says Sam Khater, Freddie Mac’s chief economist. “At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective home buyers, the supply of homes for sale remains stubbornly low.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 14:
- 30-year fixed-rate mortgages: averaged 4.31 percent, with an average 0.4 point, falling from last week’s 4.41 percent average. Last year at this time, 30-year rates averaged 4.44 percent.
- 15-year fixed-rate mortgages: averaged 3.76 percent, with an average 0.4 point, dropping from last week’s 3.83 percent average. A year ago, 15-year rates averaged 3.90 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.84 percent, with an average 0.3 point, falling from last week’s 3.87 percent average. A year ago, 5-year ARMs averaged 3.67 percent.