Mortgage rates continued to decline throughout the first full week of March to remain at lucrative figures for homeowners looking to cut their payments by refinancing their loan.
According to Freddie Mac’s latest Primary Mortgage Rate Survey released Thursday, the average interest rate for 30-year fixed-rate mortgages dropped by 0.02 percentage points to 4.95 percent for the week ending March 11. One week earlier, the rate had fallen by 0.08 percentage points to break the 5 percent threshold and hit 4.97 percent.
The average interest rate for 5-year adjustable-rate mortgages had the second largest decline for the week, dropping 0.06 percentage points to 4.11 percent. The week prior, the rate had dropped by 0.05 percentage points.
One-year ARMs followed with a 0.05 percentage point decline for the week to 4.22 percent. The decline was all the more impressive considering the 0.12 percentage point increase the rate had seen the week prior.
The average rate for 15-year FRMs declined the least with a 0.01 percentage point drop to hit 4.32 percent. The week prior, the rate had seen a drop-off of 0.07 percentage points.