Mortgage rates fell last week to their lowest level in more than a year.
According to the latest Freddie Mac Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage was 4.31 percent for the week ending March 14. That was down from 4.41 percent the week before and 4.44 percent during the same period last year.
“Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” said Sam Khater, Freddie Mac’s chief economist.
“At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.”
Last week’s average 15-year fixed rate was 3.76 percent, lower than the 3.83 percent average the week before. A year ago at this time, 15-year fixed mortgage rates averaged 3.90 percent.
The average rate for 5-year adjustable rate mortgages was 3.84, a slight decline from 3.87 percent the week before. Last year, 5-year ARM rates averaged 3.67 percent.