After declining for three consecutive weeks, mortgage rates are in a holding pattern. The average rate for a 30-year fixed-rate mortgage is lower than it was a year ago.
“Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week,” says Sam Khater, Freddie Mac’s chief economist. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring home buying season.”
Freddie Mac reports the following national average mortgage rates for the week ending Feb. 28:
- 30-year fixed-rate mortgages: averaged 4.35 percent, with an average 0.5 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.43 percent.
- 15-year fixed-rate mortgages: averaged 3.77 percent, with an average 0.5 point, dropping slightly from last week’s 3.78 percent average. A year ago, 15-year rates averaged 3.90 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.84 percent, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.62 percent.