Fixed-rate mortgages dropped for the second consecutive week to the lowest levels since February, helping to increase affordability at the onset of the spring home-buying season.
The average for 30-year fixed-rate mortgages dipped to 4.27%, down from 4.34% last week, according to the latest survey from mortgage buyer Freddie Mac. A year ago, the 30-year average was 3.41%.
“Mortgage rates continued to ease this week as housing starts [PDF] rose 2.8% in March but not as much as expected,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Also, [building] permits fell 2.4% in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February.”
The average rate on a 15-year fixed loan also dropped this week, falling to 3.33% from 3.38% last week. It averaged 2.64% at this time a year ago.
Averages for the two most popular hybrid adjustable-rate mortgages were mixed. The five-year ARM fell to 3.03% after being at 3.09% a week ago. A year ago, it averaged 2.60%. The one-year ARM average was up to 2.44% from 2.41% last week. It was at 2.63% at this time last year.
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