After rising last week, the 30-year fixed-rate mortgage reversed course and inched back down this week, according to the Freddie Mac weekly mortgage market survey.
The 30-year fixed-rate mortgage – the most popular among homebuyers – has remained below 4 percent for a year.
“Low and stable inflation is placing downward pressure on fixed mortgage rates,” said Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at mortgage rate averages for the week ending March 21:
30-year fixed-rate mortgages: averaged 3.54 percent, dropping from last week’s 3.63 percent average. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
15-year fixed-rate mortgages: averaged 2.72 percent, dropping from last week’s 2.79 percent average. Last year at this time, 15-year rates averaged 3.30 percent.
5-year adjustable-rate mortgages: averaged 2.61 percent, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.96 percent.
1-year ARMs: averaged 2.63 percent, dropping from last week’s 2.64 percent average. Last year at this time, 1-year ARMs averaged 2.84 percent.