Mortgage rates continued to slide even further this week, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 4.35% for the week ending Feb. 21, 2019, according to the survey, inching backwards from last week’s level.
Notably, this week’s rate is slightly lower than last year’s rate of 4.4%.
“Mortgage rates fell for the third consecutive week, continuing the general downward trend since late last year,” Freddie Mac Chief Economist Sam Khater said. Wages are growing on par with home prices for the first time in years, and with more inventoryavailable, the spring home sales market should begin to recover from the malaise of the last few months.”
The 15-year FRM averaged 3.78% this week, moderately retreating from last week’s 3.81%. This time last year, the 15-year FRM was 3.85%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84%, sliding from 3.88% the week before. Unsurprisingly, the rate remains higher than this time in 2018, when it averaged 3.65%.