According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending March 5, 2015, average mortgage interest rates across the board not only remained low, but moved lower in the past week. Mirroring interest rates near late May 2013, 30-year fixed rate mortgage (FRM) interest rates averaged 3.75% in the latest survey, down from 3.80% from the previous week. Compared to the same time last year, “the 30-year FRM averaged 4.28 percent.”
The 15-year FRM and 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) interest rates also saw week-over-week declines. Averaging 3.03% in the current survey, the average 15-year FRM interest rate declined from 3.07% the week before and was down from 3.32% the same time last year. The average 5-year ARM interest rate dipped to 2.96% compared to 2.99% the previous week and was down from 3.03% the previous year. Read more at http://mwne.ws/18odXzP.