The latest average 30-year rate has dropped for the third consecutive week, bringing it to about 0.2 percentage points below the year’s high set just three weeks ago.
Frank Nothaft, vice president and chief economist, Freddie Mac, said this means $200,000 mortgages of this type are $263 per year cheaper than they were at their most expensive point so far this year.
The average rate for a 30-year fixed-rate mortgage was 4.87% during the week ending March 3 with 0.7 of a point. This was down from 4.95% the week previous and 4.97% a year ago.
This week the average 15-year FRM rate was 4.15% with 0.7 of a point. This was down from 4.22% last week and 4.33% a year ago.
Shorter-term rates tracked by Freddie Mac also dropped in the most recent week.
The five-year Treasury-indexed hybrid adjustable rate was 3.72% with an average 0.6 of a point. This was down from 3.8% the previous week and 4.11% a year ago.
The average rate for a one-year Treasury adjustable-rate mortgage during the week ending March 3 was 3.23% with 0.6 of a point. This was down from 3.4% last week and 4.27% a year ago.
