For the second week in a row, mortgage interest rates continued to make declines. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending March 26, 2015, the average 30-year fixed rate mortgage (FRM) interest rate dipped to 3.69% from 3.78% the week before. Compared to the same time last year, the average 30-year FRM was 4.40%.
The average 15-year FRM and 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) interest rates also saw declines. Compared to last week when the average 15-year FRM interest rate was 3.06%, this week’s survey showed a decline to 2.97%. The average 5-year ARM mortgage interest rate also declined to 2.92% from 2.97% from the previous week. The average 1-year ARM mortgage interest rate has remained at 2.46% for three weeks in a row.
Freddie Mac’s Deputy Chief Economist, Len Kiefer, stated, “Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support homebuyer affordability.” Read more at http://mwne.ws/1H68h9z.