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.”