February continues the decline in mortgage rates. They have dropped almost a full point year over year, according to Freddie Mac.
Its Primary Mortgage Market Survey released these stats on various mortgage terms:
* 30-year fixed-rate mortgage averaged 3.51 percent with an average 0.7 point for the week ending January 30, 2020, down from last week when it averaged 3.60 percent. A year ago at this time, the 30-year FRM averaged 4.46 percent.
* 15-year fixed-rate mortgage averaged 3.00 percent with an average 0.7 point, down from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.89 percent.
* 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.24 percent with an average 0.3 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 3.96 percent.
“This week’s mortgage rates were the second lowest in three years, supporting homebuyer demand and leading to higher refinancing activity,”said Sam Khater, Freddie Mac’s Chief Economist. “Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save.”