Interest rates on fixed-rate mortgages fell this week, according to Freddie Mac, after a small rally in the previous two weeks.
The 30-year fixed-rate mortgage averaged 3.62% for the week ending Feb. 25, according to Freddie Mac's weekly Primary Mortgage Market Survey. That's three basis points lower
The 15-year fixed-rate mortgage fell two basis points from last week to an average of 2.93%. It was 3.07% a year ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79%, down six basis points from last week, and down two basis points a year ago.
The decline of fixed mortgage rates has aided homebuyer affordability when for-sale homes are in tight supply in many markets, Sean Becketti, Freddie Mac's chief economist, said in a Thursday news release.
"Since the beginning of 2016, 30-year rates have fallen almost 40 basis points helping housing markets sustain their momentum into this year," he said. "Earlier this week, the National Association of Realtors announced existing home sales were up 4% month-over-month in January and up 11% from last year."
