Mortgage rates held steady last week after tumbling for three consecutive weeks, according to the results of Freddie Mac’s Primary Mortgage Market Survey (PMMS).
“Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3% from the previous week,” said Sam Khater, chief economist at Freddie Mac. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season.”
Unchanged from the previous week, the 30-year fixed-rate mortgage (FRM) averaged 4.35% last week with an average 0.5 point for the week ending Feb. 29. The 30-year FRM averaged 4.43% at this time last year.
Meanwhile, the 15-year FRM last week went down from the previous week’s 3.78% to 3.77% with an average 0.5%. A year ago at this time, the 15-year FRM averaged 3.90%.
The 5-year treasury-indexed hybrid adjustable-rate mortgage (ARM) also remained unchanged from the previous week. It averaged 3.84% last week with an average 0.3 point, and averaged 3.62% at this time last year.