Freddie Mac: Mortgage rates continue to trend lower
Drop for most of 2016
Mortgage rates resumed their downward trend after barely moving last week, the latest Freddie Mac Primary Mortgage Market Survey said.
The 30-year fixed-rate mortgage dropped to 3.62% for the week ending Feb. 25, 2016, down from last week when it averaged 3.65%. A year ago at this time, the 30-year FRM averaged 3.80%.
Also falling, the 15-year FRM this week came in at 2.93%, down from last week when it averaged 2.95%. A year ago at this time, the 15-year FRM averaged 3.07%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79% this week, down from last week’s 2.85% and 2.99% last year.
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(Source: Freddie Mac)
“Yields on the 10-year Treasury continued their downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62%,” said Sean Becketti, chief economist with Freddie Mac. “Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year.”