“Low mortgage rates are helping to revive the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. Mortgage rates have been staying near their 65-year record lows for the last several weeks.
Freddie Mac reports the following national averages for the week ending March 7:
•30-year fixed-rate mortgages: averaged 3.52 percent, with an average 0.7 point, rising slightly from last week’s 3.51 percent average. A year ago at this time, 30-year rates averaged 3.88 percent.
•15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.7 point, holding the same as last week’s average. Last year at this time, 15-year rates averaged 3.13 percent.
•5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.5 point, rising slightly from last week’s 2.61 percent average. Last year at this time, 5-year ARMs averaged 2.81 percent.
•1-year ARMs: averaged 2.63 percent, with an average 0.3 point, dropping from last week’s 2.64 percent average. A year ago, 1-year ARMs averaged 2.73 percent.
•15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.7 point, holding the same as last week’s average. Last year at this time, 15-year rates averaged 3.13 percent.
•5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.5 point, rising slightly from last week’s 2.61 percent average. Last year at this time, 5-year ARMs averaged 2.81 percent.
•1-year ARMs: averaged 2.63 percent, with an average 0.3 point, dropping from last week’s 2.64 percent average. A year ago, 1-year ARMs averaged 2.73 percent.