The average 30-year, fixed mortgage rate slid this week, down to 4.37 percent, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage rate stands at 3.81 percent, and the average five-year, Treasury-indexed hybrid adjustable rate stands at 3.88 percent.
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” says Sam Khater, chief economist at Freddie Mac. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home-buying season.”
30-Year Fixed
- Averaging 4.37 percent, with an average 0.4 point
- Down from 4.41 percent the prior week and 4.38 percent the prior year
15-Year Fixed
- Averaging 3.81 percent, with an average 0.4 point
- Down from 3.84 percent the prior week and the prior year
5-Year Adjustable
- Averaging 3.88 percent, with an average 0.3 point
- Down from 3.91 percent the prior week, but up from 3.63 percent the prior year
Source: Freddie Mac
