Mortgage Rates Move Lower

Mortgage rates were lower last week, just in time for the spring home buying season. According to Freddie Mac’s weekly surveyFreddie Mac Weekly Interest Rate Survey Feb. 28 dated Feb. 28, average fixed mortgage rates moved lower, having been the same for the past month.

The interest rate for 30-year fixed-rate mortgages (FRM) averaged 3.51 percent with an average 0.8 point for the week ending February 28, 2013, down from last week when it averaged 3.56 percent. Last year at this time, the 30-year FRM averaged 3.90 percent.

The interest rate for 15-year FRM this week averaged 2.76 percent with an average 0.8 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.

The interest rate for 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.61 percent this week with an average 0.6 point, down from last week when it averaged 2.64 percent. A year ago, the 5-year ARM averaged 2.83 percent.

The interest rate for 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, down from last week when it averaged 2.65 percent. At this time last year, the 1-year ARM averaged 2.72 percent.

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