Mortgage rates were basically flat during the week ended Feb. 28, as the average rate for a 30-year fixed-rate mortgage was unchanged compared with the previous week at 4.35%, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 4.43%.
“Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring home buying season.”
The average rate for a 15-year fixed-rate mortgage was 3.77%, down slightly from 3.78% the previous week. A year ago at this time, the average rate for a 15-year was 3.90%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.84%. A year ago at this time, the five-year ARM averaged 3.62%.