Mortgage Rates Finally Turn Lower Again, 30-Year at 3.51%

Mortgage Rates Finally Turn Lower Again, 30-Year at 3.51%Average fixed mortgage rates decreased this week after barely moving or nudging upward over the past month, reported Freddie Mac.
A retreat, however small, in mortgage rates is another positive sign for the housing market leading up to the spring home buying season.
Moreover, the last few days has seen another flurry of updates on the housing market that points to a steady and strong recovery.
House price indicators showed gains in 2012. The S&P/Case-Shiller home price index rose 7.3 percent last year, reflecting the largest four-quarter growth since the third quarter of 2006.
“This, in part, was a driving force that pushed up the number of existing and new home sales in February to the highest levels since July 2007 and July 2008, respectively,” said Frank Nothaft, vice president and chief economist, Freddie Mac.
Here is Freddie Mac’s rundown on mortgage rates:
30-year fixed-rate mortgage 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.
15-year fixed-rate 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.
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.
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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