Freddie Mac fixed mortgage rates nipped higher in the March 7 data. The 30-year fixed rate was up 4 basis points to 4.41% for the first week of the month compared to 4.37% for February as a whole. The 15-year fixed rate was up 3 basis points to 3.83% after 3.80% for the prior month. The 5/1-year adjustable rate held at 3.87% in the March 7 report from 3.87% for all of February.
While the rates are still quite favorable for homebuyers in the historical context, the numbers suggest that rates reached a near-term bottom in February and will be narrowly higher this spring. However, the increase should not be enough to discourage those entering the housing market.
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