While the Erate Update for March 5 saw the mixed economy pushing all benchmark rates down, Freddie Mac revealed a mixed bag of interest rates.
The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.52 percent, with an average 0.7 point, the week ending March 7, according to Freddie Mac’s weekly Primary Mortgage Market Survey.
That was up from last week’s 3.51 percent average. A year ago, the rate averaged 3.88 percent.
The average interest rate on the 15-year FRM was 2.76 percent, with an average 0.7 point, unchanged from last week. A year ago, the 15-year FRM averaged 3.13 percent.
On the other hand, for the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.63 percent, with an average 0.5 point, up from 2.61 percent last week, and down from the average 2.81 percent a year ago.
Finally, for the week ending March 7, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.3 point, down from 2.64 percent last week, and down from 2.73 percent a year ago.
