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Mortgage Interest Rates at Lowest Level in 13 Months

Mar 19, 2019 2:26:47 PM

Average U.S. mortgage interest rates dropped 10 basis points for the week ending March 14, 2019, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Couple using a laptop in their new homeThe 30-year, fixed-rate mortgage loan averaged 4.31 percent, with an average 0.4 point, compared to 4.41 percent the previous week. Interest rates remained below year-ago levels for the fifth consecutive week and were at the lowest level in about 13 months. The 30-year note averaged 4.44 percent during the same week last year.

"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," Sam Khater, Freddie Mac’s chief economist, said. "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.”

The 15-year, fixed-rate mortgage loan averaged 3.76 percent, with an average 0.4 point, down 7 basis points from the previous week when it averaged 3.83 percent. The 15-year loan averaged 3.90 percent last year.

The five-year, adjustable-rate (ARM) mortgage averaged 3.84 percent, with an average 0.3 point, a 3 basis point dip from the previous week. The five-year ARM averaged 3.67 percent during the same week last year.

Lower interest rates apparently got the attention of prospective homebuyers. Mortgage applications increased, the Mortgage Bankers Association reported March 13, 2019. The seasonally adjusted purchase index increased 4 percent from the week before. The unadjusted purchase index rose 6 percent compared with the previous week, and the purchase index climbed 2 percent compared to the same week in 2018.

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Topics: Mortgage Rates & News

   

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