Based on Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rate fluctuations were mixed and largely unchanged from the previous week.
Sean Becketti, chief economist of Freddie Mac commented, "Dovish comments by Federal Reserve Chair Janet Yellen on Tuesday triggered a rally in Treasury markets and drove the 10-year yield down 13 basis points from last week's high. Yellen's comments came too late to affect this week's mortgage rate survey, and the 30-year mortgage rate remained unchanged at 3.71 percent. However, if the Fed's cautious tone persists, mortgage rates may register the impact in subsequent weeks."
Freddie Mac Mortgage Rate Facts
30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.5 point for the week ending March 31, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.70 percent.
15-year FRM this week averaged 2.98 percent with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.5 point, up from last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.92 percent.
U.S. home prices increased 6.7% in September 2020, compared with September 2019, marking the fastest annual acceleration since May 2014. On a month-over-month basis, home prices increased by 1.1% compared to August 2020.