Mortgage rates stayed low again this week, remaining near their 2015 lows, and offering home buyers and refinancers another chance at lowering their home financing costs.
“After another week of financial market oscillations driven by rumors of potential limits on oil production, the 10-year Treasury yield edged up 5 basis points, and the 30-year mortgage rate remained unchanged at 3.65 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Despite this week’s uptick in Treasury yields, the 10-year is still 54 basis points lower than it stood at the end of 2015, while the mortgage rate has dropped only 36 basis points over the same period.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 18:
30-year fixed-rate mortgage: averaged 3.65 percent, with an average 0.5 point, holding the same average as last week. A year ago, 30-year rates averaged 3.76 percent.
15-year fixed-rate mortgages: averaged 2.95 percent, with an average 0.5 point, also holding the same as last week. A year ago, 15-year rates averaged 3.05 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.85 percent, with an average 0.4 point, rising from last week’s 2.83 percent average. Last year at this time, 5-year ARMs averaged 2.97 percent.
Source: Freddie Mac