Mortgage rates fell to their lowest level since early 2018, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.37% for the week ending Feb. 14, 2019, according to the survey, sliding from last week’s percentage. This week’s rate is slightly higher than last year’s rate of 4.38%.

“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” Freddie Mac Chief Economist Sam Khater said. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home buying season.”

The 15-year FRM averaged 3.81% this week, slightly retreating from last week’s 3.91%. Notably, this time last year, the 15-year FRM was 3.63%.

Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.88%, inching backward from 3.91% the week before. Once again, the rate remains higher than this time in 2018, when it averaged 3.63%.

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