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On the radar: Freddie Mac mortgage rates down for third week in a row for February, although declines appear to be leveling off

Freddie Mac mortgage interest rates were reported down for a third week in a row for February 21. The 30-year fixed rate was down 2 basis points to 4.35%, its lowest since 4.32% in February 8, 2018 and the 15-year fixed rate was down 3 basis points to 3.78%, the lowest since 3.77%, also in the February 8, 2018 week. The 5/1-year adjustable rate mortgage dipped 4 basis points to 3.84%, its lowest since 3.83% in the January 10 week.

For February month-to-date, the 30-year fixed rate is at 4.38%, its lowest since 4.33% in February 2018 and the 15-year fixed rate at 3.81% is also a year low at 3.79%. The 5/1 adjustable rate of 3.88% is the lowest since 3.94% in August 2018.

The continued decline in mortgage rates appears to be settling and rates may not fall much further. However, the return to year-low levels for fixed rates could help spur homebuying in the spring months.

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