Announcing the 2024 Tech Trendsetters winners.

Read Now
Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.95%0.01
MortgageMortgage RatesOrigination

Mortgage rates return to 3-year low

This week, the 30-year fixed-rate mortgage averaged 3.45%

The average U.S. fixed rate for a 30-year mortgage fell to 3.45% this week, matching the three-year low set three weeks ago.

The rate declined as global money managers spooked by the coronavirus named Covid-19 piled into the U.S. bond markets, boosting competition for securities back by home loans.

Although the rate is only four basis points below the previous week’s level, it’s almost a percentage point below the 4.35% of the same week a year ago, according to Freddie Mac.

“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” said Sam Khater, Freddie Mac’s Chief Economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”

According to the survey, the 15-year FRM averaged 2.95% this week, down from last week’s rate of 2.99%. This time last year, the 15-year FRM came in at 3.77%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.2% this week, down from last week’s rate of 3.25%. Last year, the 5-year ARM averaged 3.84%.

The image below highlights this week’s changes:

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please