WASHINGTON (3/20/15)--The average 30-year fixed-rate mortgage rate fell to 3.78% from 3.86% for the week ending Thursday, according to Freddie Mac's primary mortgage market survey.
On a year-over-year basis, the average rate has fallen from 4.32% (Housingwire.com March 19).
"Housing starts dropped 17% to a seasonally adjusted pace of 897,000 units below market expectations," said Len Kiefer, Freddie Mac deputy chief economist (Housingwire). "However, housing permits increased 3% in February. As we head into spring, home builders remain positive about home sales in the near future, although the (National Association of Home Builders) Housing Market Index dropped another 2 points to 53 in March."
The 15-year fixed-rate mortgage rate dropped to 3.06% from 3.1% for the week, and has fallen from 3.32% on an annual basis.
The five-year Treasury-indexed hybrid adjustable-rate mortgage rate fell to 2.97% from 3.01%, and the one-year Treasury-indexed adjustable rate mortgage rate was unchanged at 2.46%.
"Mortgage rates pulled back following soft economic data on manufacturing, home construction and consumer spending," said economists from Bankrate. "Even though the Federal Reserve continues to lay the groundwork for the eventuality of interest rate hikes, any evidence of economic softness only pushes the timetable further out."
Bankrate also saw its mortgage rates retreat for the week, with the 30-year fixed-rate mortgage rate dropping to 3.91% from 3.97%, and the 15-year fixed-rate mortgage rate falling to 3.15% from 3.18%.