Fixed Mortgage Rates Dip to Lowest Level in a Year

0

Fixed mortgage rates fell for a second straight week, reaching the same level they were at one year ago.

For the week ended Feb. 14, the average rate for a 30-year fixed-rate mortgage dipped to 4.37%, down from 4.41% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

The dip brought fixed-rate mortgages to the lowest levels since early 2018.

A year ago at this time, the average rate for a 30-year was 4.38%.

“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” says Sam Khater, chief economist for Freddie Mac, in a release. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home buying season.”

The average rate for a 15-year fixed rate mortgage was 3.81%, down from 3.84%. A year ago at this time, the  average rate for a 15-year was 3.84%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.88%, down from 3.91%. A year ago at this time, the average rate for a five-year ARM was 3.63%.

Leave a Comment
Your email address will not be published. Required fields are marked *

avatar
  Subscribe  
Notify of