Mortgage Rates Level Off Still Lower Than A Year Ago

Dated: 03/05/2019

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WASHINGTON (March 1, 2019) — Freddie Mac reported on Feb. 28 that the average the 30-year fixed-rate mortgage held steady last week at 4.35 percent, down from 4.43 percent a year ago.

Meanwhile, the average 15-year fixed-rate mortgage fell to 3.77 percent from 3.78 percent the previous week and 3.9 percent a year ago, and the average five-year adjustable-rate mortgage remained unchanged at 3.84 percent, up from 3.62 percent a year ago.

"Mortgage rates changed very little over the last week and remain below where they were one year ago," said Danielle Hale, chief economist at Realtor.com "Growing mortgage applications and pending home sales suggest buyers are finally taking advantage of lower mortgage rates and more inventory in many large markets. But that doesn't mean they will have it easy this spring. Home prices are higher than ever before and expensive homes are far more plentiful than entry-level homes. Still, spring 2019 is starting out on a more optimistic note than previously expected."

It doesn't look like mortgage rates are going anywhere anytime soon. Bankrate.com, which puts out a weekly mortgage rate trend index, found that half of the experts it surveyed say rates will remain relatively stable in the coming week. Greg McBride, chief financial analyst at Bankrate.com, is one who predicts rates will hold steady.

Source: "Mortgage rates level off after three weeks of declines," The Washington Post, Feb. 28, 2019, Kathy Orton

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