The 30-year fixed-rate mortgage (FRM) averaged 3.64%, higher than the previous week when it averaged 3.62%. But still lower than last year at this time when it averaged 3.75%.
The 15 year fixed mortgage averaged 2.94%, up from the past week when it averaged 2.93%. Last year at this time it averaged 3.03%.
The 5-year adjustable-rate mortgage (ARM) averaged 2.84% this week, higher than the previous week when it averaged 2.79%. A year ago, the 5 year ARM averaged 2.96%.
Sean Becketti, chief economist for Freddie Mac had said this about the latest rate survey:
“The market turbulence that kicked off the year subsided at the end of February, providing at least a temporary break in the flight to quality. Treasury yields approached their highest level in a month, boosting the 30-year mortgage 2 basis points this week to 3.64 percent. Despite this welcome breather, Fed officials have been highlighting the downside risks to the economic outlook, and the market expects the Fed to refrain from any further short-term rate increases for now.”