Average fixed mortgage rates in the U.S. fell in the latest
week, according to mortgage-finance company Freddie Mac (FMCC), as
the spring home-buying season draws closer.
Freddie Mac Deputy Chief Economist Len Kiefer noted Thursday
that housing data was mixed during the latest week. Housing starts
declined during February, though housing permits--an indicator of
future activity--improved. Meanwhile, homebuilders remained
confident about home sales in the future despite a measure of
homebuilder confidence declining again in March.
For the week ended Thursday, the 30-year fixed-rate mortgage
averaged 3.78%, compared with 3.86% a week earlier and 4.32% a year
earlier. Rates on 15-year fixed-rate mortgages averaged 3.06%,
compared with 3.1% the previous week and 3.32% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, were at 2.97%, compared with 3.01% the previous
week and 3.02% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.46%, unchanged from the previous week and down
slightly from 2.49% a year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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