Mortgage rates dipped for the first time in 2018 with the 30-year fixed mortgage rate decreasing, halting nine consecutive weeks of increases, according to Freddie Mac’s latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage decreased to 4.44% for the week ending March 15, down from last week’s average of 4.46%. However, it is still an increase on last year’s average of 4.3%.
The 15-year FRM also decreased to 3.90% from last week’s 3.94% and 3.5% last year.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.67% this week, up from last week’s 3.63% and last year’s 3.28%.
"Tuesday's Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2% year-over-year in February,” Freddie Mac Deputy Chief Economist Len Kiefer said. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasury’s and ended a nine-week surge. The U.S. weekly average 30-year fixed mortgage rate fell 2 basis points to 4.44% in this week's survey, its first decline this year."