The average rate for a 30-year fixed-rate mortgage dropped five basis points from the previous week to 3.51% after being largely unchanged for the past month. The average 15-year FRM rate, however, was down only one basis point at 2.76% during the week ending Feb. 28.
The average rate for a one-year Treasury-indexed adjustable-rate mortgage, at 2.64%, also was down by a basis point in the most recent week, while the average rate for a five-year Treasury-indexed hybrid dropped three basis points to 2.61%.
"Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row,” Freddie Mac vice president and chief economist Frank Nothaft said in his weekly rate report.
The average rate for the long-term rate-indicative 10-year Treasury yield, which started the week near 2%, has been lower in recent days. It was near 1.89% as of late morning East Coast time on Thursday.
Points in the latest week averaged 0.8 of a point for fixed rate products, 0.6 of a point for hybrids and 0.4 of a point for one-year Treasury ARMs.
A year ago, the 30-year rate averaged 3.9%, the 15-year rate averaged 3.17%, the five-year Treasury hybrid averaged 2.83% and the one-year Treasury ARM averaged 2.72%.