Fixed Mortgage Rates Hold Tight
Fixed mortgage rates displayed very little movement this week, as adjustable-rate mortgages were mixed, government mortgage financier Freddie Mac said today.
The popular 30-year fixed-rate mortgage increased a single basis point to 4.96 percent during the week ending March 18, and now sits just below the 4.98 percent seen this time a year ago.
The 15-year fixed increased a single basis point as well to 4.33 percent, and is still well below the 4.61 percent seen a year ago.
“Mortgage rates for fixed-rate mortgages were virtually unchanged this week as the effects of the prior storms emerged in recent housing data,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
Adjustable-rate mortgages displayed a bit more movement, with the five-year ARM climbing four basis points to 4.09 percent and the one-year ARM falling 10 bps to 4.12 percent.
A year ago, the five-year averaged 4.98 percent and the one-year ARM stood at 4.91 percent, so both loan types are still quite attractive.
The mortgage rates above are good for conforming loans with a loan-to-value of 80 percent; pricing adjustments may lower or raise your actual interest rate.
Jumbo loans continue to price a percentage point or so higher than conforming loans.
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