Mortgage Rates Down To Lowest Level In A Year

(RTTNews) - Mortgage rates or interest rates on home loans declined to the lowest point since last year February, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 4.31 percent for the week ending March 14, 2019, down from last week's 4.41. A year ago at this time, the average rate was 4.44 percent.

The 15-year FRM this week averaged 3.76 percent, down from last week's 3.83 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.84 percent, down from 3.87 percent last week. It was 3.67 percent a year ago.

Sam Khater, Freddie Mac's chief economist, says, "Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower. At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low."