Rates Continue Downward Trend!

Mortgage rates resumed their downward trend after barely moving last week, the latest Freddie Mac Primary Mortgage Market Survey said.

The 30-year fixed-rate mortgage dropped to 3.62% for the week ending Feb. 25, 2016, down from last week when it averaged 3.65%. A year ago at this time, the 30-year FRM averaged 3.80%.

Also falling, the 15-year FRM this week came in at 2.93%, down from last week when it averaged 2.95%. A year ago at this time, the 15-year FRM averaged 3.07%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79% this week, down from last week’s 2.85% and 2.99% last year.

“Yields on the 10-year Treasury continued their downward trend this week after a small rally the previous two weeks. The 30-year mortgage responded, falling 3 basis points to 3.62%,” said Sean Becketti, chief economist with Freddie Mac.  “Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year.”

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