U.S. average 30-year fixed-rate mortgage rates fell below 4 percent for the week,according to today's report from Freddie Mac.
Frank Nothaft, vice president of Freddie, said that mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also declined for the month.
Besides, 15-year FRM this week averaged 3.23 percent with an average 0.8 point, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 4.09 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.8 point, down from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.70 percent.
1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, down from last week when it averaged 2.84 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
SOURCE Freddie Mac
