Average mortgage rates fell for a second consecutive week, according to Freddie Mac’s
Primary Mortgage Market Survey for the week ending March 30.
The 30-year fixed-rate mortgage (FRM) averaged 4.14 percent, down from last week when it averaged 4.23 percent, while the 15-year FRM this week averaged 3.39 percent, down from last week when it averaged 3.44 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18 percent this week, down from last week when it averaged 3.24 percent.
Sean Becketti, chief economist at Freddie Mac, emphasized the week’s positive news rather the new dismal data. “Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1 percent to an annualized rate of 592,000,” he said.