News of the efforts to stabilize markets had a positive effect on mortgage rates. Freddie Mac announced that they have dropped back to an average 3.5 percent for 30-year-fixed rate mortgages.
“The Federal Reserve’s swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks,” said Sam Khater, Freddie Mac’s chief economist in the Primary Mortgage Market Survey announcement. “Similar to other segments of the economy, real estate demand is softening. However, the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.”
- 30-year fixed-rate mortgage averaged 3.50 percent with an average 0.7 point for the week ending March 26, 2020, down from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 4.06 percent.
- 15-year fixed-rate mortgage averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 3.06 percent. A year ago at this time, the 15-year FRM averaged 3.57 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.34 percent with an average 0.3 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 3.75 percent.
Read more about the Prime Mortgage Market Survey.