Mortgage Rates Hold Steady

Feb 28, 2019

After three straight weeks of declines, mortgage rates saw minimal movement in Freddie Mac’s latest Primary Mortgage Market Survey (PMMS).

The 30-year fixed-rate mortgage (FRM) averaged 4.35 percent for the week ending Feb. 28, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.43 percent.

The 15-year FRM this week averaged 3.77 percent, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent, unchanged from last week. A year ago at this time, the five-year ARM averaged 3.62 percent.

“Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week,” said Sam Khater, Freddie Mac’s Chief Economist. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season.”

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Phil Hall

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Feb 28, 2019

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