Freddie Mac : U.S mortgage rates break holding pattern, move lower

Freddie Mac has released the results of its Primary Mortgage Market Survey, showing average mortgage rates breaking their month long plus holding pattern and moving lower.

30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending March 2, 2017, down from last week when it averaged 4.16 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.

15-year FRM this week averaged 3.32 percent with an average 0.5 point, down from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.4 point, down from last week when it averaged 3.16 percent. A year ago, the 5-year ARM averaged 2.84 percent.

“The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1 percent. 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.” said Sean Becketti, chief economist, Freddie Mac.

Source: FreddieMac

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