Economic factors push rates down
Average fixed mortgage rates moved lower for the first time in four weeks and remaining near late May, 2013 lows, according to the weekly Freddie Mac survey.
It seemed to have little impact on mortgage applications.
The 30-year fixed-rate mortgage averaged 3.75% with an average 0.6 point for the week ending March 5, 2015, down from last week when it averaged 3.80%. A year ago at this time, the 30-year FRM averaged 4.28%.
“Mortgage rates fell across the board, with the 30-year fixed rate mortgage reading 3.75% this week,” said Len Kiefer, deputy chief economist, Freddie Mac. “Real GDP growth for the fourth quarter was revised down to 2.2%. Consumer prices fell more than expected in January, tumbling 0.7%.”
The 15-year FRM this week averaged 3.03% with an average 0.6 point, down from last week when it averaged 3.07%. A year ago at this time, the 15-year FRM averaged 3.32%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96% this week with an average 0.5 point, down from last week when it averaged 2.99%. A year ago, the 5-year ARM averaged 3.03%.
The 1-year Treasury-indexed ARM averaged 2.44% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.52%.