Just in time for the spring homebuying season, Freddie Mac reported that the fixed rate for a 30-year mortgage in the March 14 week was 4.31%, down 10 basis points from the prior week. The month-to-date average is now at 4.36%, the lowest since 4.33% in February 2018. The 15-year fixed rate was down 7 basis points week-over-week to 3.83%, and the March to-date average is 3.80%, the same as in February and the lowest since 3.79% in February 2018. The 5/1-year ARM rate was down 3 basis points from the prior week to 3.84% and the month-to-date is 3.86%, the same as in February and the lowest since 3.84% in July 2018.
There have already been some green shoots for the housing data related to the declines in mortgage rates since the near-term peaks in November and this should only improve prospects for a solid spring buying season.
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