30-Year Mortgage Rate Drops This Week to 3.5%
MCLEAN, Va. – Mortgage rates fell a notable amount this week, according to the weekly survey conducted by Freddie Mac. The 30-year, fixed-rate mortgage average 3.5%, down from last week’s 3.65%.
“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,” says Sam Khater, Freddie Mac’s chief economist.
“Similar to other segments of the economy, real estate demand is softening,” he adds. “However, the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.”
The 30-year FRM average 0.7 points for the week ending March 26, 2020. A year ago at this time, the FRM averaged 4.06%.
The 15-year, fixed-rate mortgage average 2.92% with an average 0.6 points. A year ago it average 3.57%.
Adjustable-rate mortgages – the 5-year Treasury-indexed hybrid – average 3.34% this week with an average 0.3 points, an increase from last week’s 3.11%. A year ago, the ARM averaged 3.75%.
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