Mortgage rates showed little fluctuation this week as the 30-year fixed-rate mortgage continues to average well-below 4 percent.
“Dovish comments by Federal Reserve Chair Janet Yellen on Tuesday triggered a rally in Treasury markets and drove the 10-year yield down 13 basis points from last week’s high,” says Sean Becketti, Freddie Mac’s chief economist. “Yellen’s comments came too late to affect this week’s mortgage rate survey, and the 30-year mortgage rate remained unchanged at 3.71 percent. However, if the Fed’s cautious tone persists, mortgage rates may register the impact in subsequent weeks.”
Freddie Mac reported the following national averages with mortgage rates for the week ending March 31:
- 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.5 point, the same as last week’s average. Last year at this time, 30-year rates averaged 3.70 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.4 point, rising from last week’s 2.96 percent average. A year ago, 15-year rates averaged 2.98 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.90 percent, with an average 0.5 point, rising from last week’s 2.89 percent average. A year ago, 5-year ARMs averaged 2.92 percent.
Source: Freddie Mac