Mortgage rates dipped this week, with the average rate for a 30-year fixed-rate mortgage at 3.45%, down from 3.49% the previous week and down from 4.35% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” says Sam Khater, chief economist for Freddie Mac, in a statement. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”
For the week ended February 27, the average rate for a 15-year fixed-rate mortgage was 2.95%, down from 2.99% last week and down from 3.77% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.20%, down from 3.25% the previous week and down from 3.84% the same week a year earlier.