Mortgage Rates Fall By Largest Weekly Margin Over Two Months

As of March 23, the average mortgage rates have just fallen by the greatest weekly margin over the last two months, according to Freddi Mac’s mortgage rate survey.

• From last week, 30-year fixed mortgage rates declined by 7 basis points from 4.30 percent to 4.23 percent this week. At this same time last year, these rates were at a lower 3.71 percent.
• 15-year fixed mortgage rates also declined, by 0.05 percent from 3.50 percent to 3.45 percent this week. At this same time last year, these rates were at a lower 2.96 percent.
• 5-year adjustable rate mortgage (ARM) declined by 0.04 percent, down from 3.28 to 3.24 percent this week. At this same time last year, these rates were at a lower 2.89 percent.

This data was pulled from Freddie Mac weekly survey data for 2017. While we attempt to provide reliable, useful information, we cannot guarantee that the information is accurate, current or suitable for any particular purpose. Estimates are subject to change without notice.

With such a dramatic change in direction soon after experiencing a jump in rates last week, Freddie Mac notes that this is a sign of continued uncertainty in the market. The National Association of Realtors® (NAR) projected a steady climb in mortgage rates through 2017 and 2018, so this might be a better time to lock in on a mortgage rate while it’s lower if you have been looking to buy a home.