Fixed-rate mortgages fell to the lowest levels since early 2018, according to new data from Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 4.37 percent, for the week ending Feb. 14, down from last week when it averaged 4.41 percent. The 15-year FRM this week averaged 3.81 percent, down from last week when it averaged 3.84 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.88 percent, down from last week when it averaged 3.91 percent.
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” said Sam Khater, Freddie Mac’s Chief Economist. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”