The Freddie Mac data on mortgage rates as of March 12 brought the 30-year fixed rate up 7 basis points to 3.36%, up from the record low of 3.29% in the prior week. For the first two weeks in March, the average is at 3.33% which is a series low for a month.
The rate for a 15-year fixed mortgage was down 2 basis points to 2.77%, its weekly low since 2.76%in the October 13, 2016 week. For the first two weeks in March, the average is 2.78%, its lowest since 2.76% in October 2016.
The 5/1-year ARM rate fell 17 basis points to 3.01% as of March 12 from 3.18% in the prior week. The month-to-date average is 3.10%, the lowest since 2.99% in November 2016.
These sorts of rates are going to keep homebuyers in the market in spite of unsettled conditions around the spread of COVID-19, and encourage current homeowners to refinance if they have not done so recently, or if they want to extract some equity from their property.
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