Here’s a closer look at rates for the week ending March 8:
30-year fixed-rate mortgages: averaged 3.88 percent — only 0.01 percentage points above its previous all-time low. A year ago, 30-year rates averaged 4.88 percent.
15-year fixed-rate mortgages: averaged a new record low of 3.13 percent, with an average 0.8 point, dropping from last week’s 3.17 percent average. The previous record low for the 15-year mortgage was set in February when it reached 3.14 percent. Last year at this time, 15-year rates, a popular choice among refinancers, averaged 4.15 percent.
5-year adjustable-rate mortgages: averaged 2.81 percent, with an average 0.7 point, falling from last week’s 2.83 percent average. Last year at this time, 5-year ARMs averaged 3.73 percent.
1-year ARMs: averaged 2.73 percent this week, with an average 0.6 point, rising slightly from last week’s 2.72 percent average. A year ago at this time, 1-year ARMs averaged 3.21 percent.
https://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.png00petedroverhttps://grandriverrealty.com/wp-content/uploads/2018/03/GrandRiverLogo-med.pngpetedrover2012-03-12 09:49:492018-03-09 12:23:51Mortgage Rates Dip, Hover Around Record Lows
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