Randy Quinn Your Local Real Estate Expert

Mortgage Rates Go Lower…

“The Federal Reserve’s decision last week to maintain the current level of the Federal funds rate combined with the reduction in their forecast for growth triggered a 3-basis point drop in the 10-year Treasury yield. As a consequence, the 30-year mortgage rate declined 2 basis points to 3.71 percent. However, comments this week by several members of the Fed, including the presidents of the Richmond, San Francisco, and Atlanta banks, indicated that a June rate hike is still on the table.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.5 point for the week ending March 24, 2016, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 3.69 percent.
  • 15-year FRM this week averaged 2.96 percent with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago at this time, the 15-year FRM averaged 2.97 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.92 percent.

Source: Freddie Mac

 

Posted on March 25, 2016 at 4:42 pm by Randy Quinn

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