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Mortgage Rates Have Dropped ‘Dramatically’ Since Start of the Year

Mortgage rates edged lower to kick off the start of the spring homebuying season this week. Borrowing costs are now lower than what they were a year ago.

Fed Says It’s Done Raising Rates This Year

“Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front,” says Sam Khater, Freddie Mac’s chief economist. “The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”

Freddie Mac reports the following national averages with mortgage rates for the week ending March 21:

30-year fixed-rate mortgages: averaged 4.28 percent, with an average 0.4 point, falling from last week’s 4.31 percent average. Last year at this time, 30-year rates averaged 4.45 percent.

15-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.4 point, dropping from last week’s 3.76 percent average. A year ago, 15-year rates averaged 3.91 percent.

5-year hybrid adjustable-rate mortgages: averaged 3.84 percent, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.68 percent.