Mortgage Rates Fall for First Time in Four Weeks

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, down five basis points from the week prior and 53 basis points from the same time last year.

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%."

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