Mortgage rates continued their downward direction despite a hot real estate market, according to Freddie Mac’s latest Primary Mortgage Market Survey. Some observers have attributed the resumption of lower rates to the recent failure to pass a new healthcare law. The logic is that a future tax cut and other legislative measures may get bogged down in political gridlock:
Rates for the Week Ending March 30, 2017:
- 30-Year Fixed: Averaged 4.14%, down from last week when it averaged 4.23%. A year ago at this time, the 30-year rate averaged 3.71%.
- 15-Year Fixed: Averaged 3.39%, down from last week when it averaged 3.44%. A year ago at this time, the 15-year rate averaged 2.98%.
- 5-Year Treasury-Indexed Hybrid Adjustable-Rate Mortgage (ARM): Averaged 3.18% this week, down from last week when it averaged 3.24%. A year ago, the 5-year ARM averaged 2.90 percent.