After falling for three consecutive weeks, mortgage interest rates remained virtually stagnant, according to the latest Freddie Mac Primary Mortgage Market Survey. This means that Spring could be a favorable homebuying season.
The 30-year fixed-rate mortgage averaged 4.35% for the week ending Feb. 21, 2019, according to the survey, holding steady from the previous week’s level.
However, last week’s rate is moderately lower than last year’s rate of 4.43%.
“Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3% from the previous week,” Freddie Mac Chief Economist Sam Khater said on Thursday. “The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season.”
The 15-year FRM averaged 3.77%, inching backwards from the previous week’s 3.78%. This time last year, the 15-year FRM was 3.9%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84%, holding its ground from the previous week’s rate. Notably, the rate remains moderately higher than the same time period in 2018, when it averaged 3.62%.