In the two weeks since the Federal Open Market Committee raised short-term rates, mortgage rates have declined 16 basis points, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 4.14% for the week ending March 30, down from last week when it averaged 4.23%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.71%.

"The 10-year Treasury yield remained relatively flat this week. The 30-year mortgage rate fell 9 basis points, another significant week-over-week decline," said Sean Becketti, chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.39%, down from last week when it averaged 3.44%. A year ago at this time, the 15-year averaged 2.98%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18%, down from last week when it averaged 3.24%. At this time last year it averaged 2.9%.

"Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1% to an annualized rate of 592,000," Becketti added.

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