30-year mortgage rate slips further
Freddie Mac forecast still calls for a quarter-point increase by year's end.
NEW YORK (CNNMoney.com) - Mortgage rates were mixed this week, with the 30-year rate dipping slightly and one- and five-year rates posting slight gains. The average rate on 30-year fixed-rate mortgages fell to 6.24 percent for the week ending March 2, down from the prior week's 6.26 percent, a Freddie Mac survey said. In the year-ago period, the 30-year mortgage averaged 5.79 percent.
The average rate on 15-year fixed-rate mortgages remained unchanged at 5.89 percent from last week. A year ago, the loan averaged 5.33 percent. Five-year adjustable-rate mortgages averaged 5.97 percent, up slightly from 5.96 percent the prior week. The five-year loan averaged 5.17 percent last year. One-year adjustable-rate mortgages averaged 5.34 percent, up from 5.32 percent from the week before. At this time last year, the one-year loan averaged 4.14 percent. "On net, the latest economic news had little effect on mortgage rates this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Our forecast calls for rates on 30-year fixed-rate mortgages to increase about one-quarter of a percentage point by the end of the year." _____________________ Kitchens grow in size and number -- click here. |
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