“Mortgage rates eased this week as housing starts declined 0.2 percent in February to a seasonally adjusted annual rate of 907,000, below consensus forecast,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “The rate on the 10-year treasury note rose following the Fed's announcement
Wednesday afternoon and, if this holds, interest rates may begin to trend higher going into next week.”
Average rates for 20-year fixed-rate mortgages were 4.32% this week, down from last week’s 4.37%. Last year at this time, the average rate for the 30-year FRM was 3.54%.
The average rate for the 15-year FRM dropped to 3.32% from last week’s average of 3.38%. A year ago, the 15-year FRM averaged 2.72%.
The 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 3.02% this week, down from last week’s 3.09%. Last year at this time, the average rate for the 5-year ARM averaged 2.61%.
The 1-year ARM averaged 2.49% this week, up from last week’s average of 2.48%. A year ago, the 1-year ARM averaged 2.63%.
Fixed rates were down slightly this week, according to data released today by Freddie Mac.