Mortgage rates have dropped for the first time in four weeks, according to Freddie Mac's weekly survey.
Freddie Mac found that 30-year fixed-rate mortgages averaged 3.75% for the first week in March,
The trend downward carried over to 15-year fixed-rate mortgages, which dipped four basis points from last week to 3.03% and were down 29 basis points from last year.
Treasury-indexed hybrid adjustable-rate mortgages with five-year terms averaged 2.96%, down 3 basis points from the week before and 7 basis points from the year prior. One-year Treasury-indexed adjustable-rate mortgages averaged 2.44%, down 8 basis points from the year prior.
"Mortgage rates fell across the board, with the 30-year fixed-rate mortgage reading 3.75% this week,” Freddie Mac's deputy chief economist Len Kiefer said in a press release. "Real GDP growth for the fourth quarter was revised down to 2.2% and consumer prices fell more than expected in January, tumbling 0.7%."