Freddie Mac reported fixed rate mortgages ticked higher week-over-week as of February 20, although the rates still remained low and attractive to homebuyers. The 5/1-year ARM rate was a bit lower, making the rate a little more competitive. Small week-to-week fluctuations do not change the basic story that rates are at lows not seen in over three years and are favorable enough to bring homebuyers into the market during the winter months.
The 30-year fixed rate was up 2 basis points to 3.49% as of February 20 compared to the prior week, bringing the month-to-date average up to 3.47%, but still substantially below the 3.62% average for January.
The 15-year fixed rate was up 2 basis points to 2.99% as of February 20, close on the month-to-date average of 2.98%. It was also noticeably below the 3.07% average for January.
The 5/1-year ARM rate was down 3 basis points to 3.25% as of February 20, with the month-to-date average at 3.28%, 5 basis points below 3.33% in January.
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