Mortgage Rates Move Lower This Week

Freddie Mac  |   March 3, 2017

Mortgage rates broke a monthlong holding pattern and inched lower this week. "The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis point range. The range of movement for the 30-year has been half that, just 11 basis points." Freddie Mac reports the following national averages with mortgage rates for the week ending March 2: 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.16 percent average. A year ago, 30-year rates averaged 3.64 percent. 15-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.5 point, falling from last week’s 3.37 percent average. Last year at this time, 15-year rates averaged 2.94 percent. 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.4 point, falling from last week’s 3.16 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac