Mortgage rates continued to decline during the week ending February 18, suggesting the housing market may be undergoing a recovery while also offering budgeting options to homeowners looking to refinance.
According to Freddie Mac’s Primary Mortgage Market Survey, the average rates for 30-year fixed-rate mortgages matched its decline one week earlier as it declined by 0.04 percentage points for the second straight week to hit 4.93 percent. One year ago, the average 30-year FRM stood just above the 5 percent threshold at 5.04 percent.
Similarly, 15-year FRMs also saw their average rate fall slightly by 0.01 percentage points to 4.33 percent. However, the decline was not as substantial as the 0.06 percentage point decline seen one week earlier.
One-year adjustable-rate mortgages saw the largest decline of the week, dropping 0.1 percentage points to hit 4.23 percent. The decline nearly offset the 0.11 percentage point increase seen one week earlier.
five-year adjustable-rate mortgages also fared well during the week, falling 0.07 percentage points to hit 4.12 percent. The drop nearly matched the 0.08 percentage point decline it had seen the previous week.