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Home-loan rates see-saw lower

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.


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