Mortgage rates held largely steady for the week, dropping only 1 basis point, according to Freddie Mac.
|30-Year FRM||15-Year FRM||5/1-Year ARM|
|Fees & Points||0.5||0.5||0.4|
The 30-year fixed-rate mortgage averaged 4.44% for the week ending March 29, down from last week when it averaged 4.45%. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.14%.
“Treasury yields fell from a week ago helping to drive mortgage rates modestly lower. The yield on the 10-year Treasury dipped below 2.8% for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly,” Len Kiefer, Freddie Mac’s deputy chief economist, said in a press release.
The 15-year fixed-rate mortgage this week averaged 3.9%, down from last week when it averaged 3.91%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.39%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.66% this week with an average 0.4 point, down from last week when it averaged 3.68%. A year ago at this time, the five-year adjustable-rate mortgage averaged 3.18%.
“Mortgage rates fell last Thursday as trade war fears sparked a financial flight to assets, despite a bullish FOMC meeting statement and press conference the previous afternoon,” Aaron Terrazas, Zillow’s senior economist, said when that company released its own rate tracker on Wednesday.
“In a now familiar pattern, macroeconomic fundamentals were poised to push rates higher, but geopolitical news seized headlines and pushed rates in the other direction. Beyond the ever-present political and geopolitical risks, markets will watch inflation data due Thursday as well as speeches by two FOMC voters, but should be relatively quiet this week leading up to the Good Friday holiday,” Terrazas said.