Mortgage rates declined this week, giving a boost to buyer affordability, Freddie Mac reports in its weekly mortgage market survey.
Since the beginning of this year, 30-year rates have fallen nearly 40 basis points, “helping housing markets sustain their momentum in this year,” says Sean Becketti, Freddie Mac’s chief economist. The National Association of REALTORS® reported this week that existing-home sales had increased 4 percent in February over January and are up 11 percent from last year.
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 25:
30-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.6 point, dropping from last week’s 3.65 percent average. Last year at this time, 30-year rates average 3.80 percent.
15-year fixed-rate mortgages: averaged 2.93 percent, with an average 0.5 point, falling from last week’s 2.95 percent average. A year ago, 15-year rates averaged 3.07 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.79 percent, with an average 0.5 point, falling from last week’s 2.85 percent. Last year at this time, 5-year ARMs averaged 2.99 percent.
Source: Freddie Mac