Fixed Mortgage Rates Fell for the First Time This Year

Fixed mortgage rates decreased for the first time this year during the week ended March 15, with the average rate for a 30-year fixed-rate mortgage falling to 4.44%, down from 4.46% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 4.30%.

The average rate for a 15-year FRM was 3.90%, down from 3.94%. A year ago at this time, the 15-year FRM averaged 3.50%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.67%, up from 3.63%. A year ago at this time, the five-year ARM averaged 3.28%.

“Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year-over-year in February,” says Len Kiefer, deputy chief economist for Freddie Mac, in a release. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge. The U.S. weekly average 30-year fixed mortgage rate fell two basis points to 4.44 percent in this week’s survey, its first decline this year.”

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