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Mortgage Rates Reverse Course This Week

After four straight weeks of climbing, mortgage rates inched down this week, offering buyers some relief.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 6:

• 30-year fixed-rate mortgages: averaged 4.28 percent, with an average 0.7 point, dropping from last week’s 4.37 percent average. Last year at this time, 30-year rates averaged 3.52 percent.
• 15-year fixed-rate mortgages: averaged 3.32 percent this week, with an average 0.6 point, dropping from last week’s 3.39 percent average. A year ago at this time, 15-year rates averaged 2.76 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.4 point, dropping from last week’s 3.05 percent average. Last year at this time, 5-year ARMs averaged 2.63 percent.
• 1-year ARMs: averaged 2.52 percent, with an average 0.3 point, holding steady from last week. A year ago, 1-year ARMs averaged 2.63 percent.

Source: Freddie Mac