First Decline of Mortgage Rates in 2018
Following nine consecutive weeks of increases, borrowers finally got some relief this week with mortgage rates. The 30-year fixed-rate mortgage posted its first week-over-week decrease of 2018.
“Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year over year in February,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge. The U.S. weekly average 30-year fixed mortgage rate fell 2 basis points to 4.44 percent in this week’s survey, its first decline this year.”
Freddie Mac reported the following national averages with mortgage rates for the week ending March 15:
- 30-year fixed-rate mortgages: averaged 4.44 percent, with an average 0.5 point, ping from last week’s 4.46 percent average. Last year at this time, 30-year rates averaged 4.30 percent.
- 15-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, ping from last week’s 3.94 percent average. A year ago, 15-year rates averaged 3.50 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.67 percent, with an average 0.4 point, increasing from last week’s 3.63 percent average. A year ago, 5-year ARMs averaged 3.28 percent.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers.
Source: Freddie Mac
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