In the February 14 week, Freddie Mac mortgage rates dipped for a third week in a row for 30- and 15-year fixed rate, and were down for a second week for 5/1 adjustable rate mortgages.
At 4.37%, the 30-year rate was the lowest since 4.32% in the February 8, 2018 week. The 15-year rate fell to 3.81%, the lowest since 3.77%, also in the February 8, 2018 week.
The adjustable 5/1 rate was at 3.88% in the February 14 week, the lowest since 3.87% in the January 17, 2019 week.
For the the first two week of February, the 30-year rate average 4.39% and the 15-year rate was 3.83%, both the lowest since February 2018. The 5/1 adjustable rate averaged 3.90%, little changed from 3.91% in January.
Mortgage interest rates have moderated substantially over the past three months after the near-term peaks in November 2018. The retreat may inspire some fence-sitters to enter the housing market when lower rates will contribute to home affordability and buyers have more power to negotiate prices.
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