Mortgage Giant, Freddie Mac released this weeks Prime Mortgage Market Survey (PMMS) showing the average mortgage rates on a fixed rate mortgage dip slightly for thesecond time in three weeks.
The survey reveals the following:
30-year fixed-rate mortgage (FRM) averaged 4.44 percent with an average 0.5 points for the week ending March 30 ,2018, showing a .01% decline from last week.
15-year FRM this week averaged 3.9 percent with an average 0.5 points, showing a .01% decrease from last week.
5/1-year ARM averaged 3.66 percent this week with an average 0.4 points, down .02% from last week.
According to The Washington Post the rates have dropped for the second time in three weeks as a direct result from investors selling off stocks and buying bonds.
Trade war fears sparked a financial flight to assets, despite a bullish [Federal Open Market Committee] meeting statement and [news] conference the previous afternoon, said Aaron Terrazas, senior economist at Zillow. In a now familiar pattern, macroeconomic fundamentals were poised to push rates higher, but geopolitical news seized headlines and pushed rates in the other direction.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One-point equals 1 percent of the loan amount.