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Residential financing rates reverse upward trend

Posted on Thursday, March 5, 2015 at 10:07:57 AM

This past month has seen week after week of rising residential financing rates. That has changed for the seven-day period ending March 5, however, as rates finally ticked down once more.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 3.75 percent for that week, down from 3.80 percent. The 15-year FRM slipped from 3.07 percent to 3.03 percent. 

"Mortgage rates fell across the board, with the 30-year fixed rate mortgage reading 3.75 percent this week," explained Len Kiefer, deputy chief economist at Freddie Mac. "Real GDP growth for the fourth quarter was revised down to 2.2 percent. Consumer prices fell more than expected in January, tumbling 0.7 percent."

Furthermore, the Mortgage Bankers Association reported that applications for residential financing climbed slightly for the week ending Feb. 27. Overall, the refinance share of mortgage activity stayed the same on a weekly basis, at 62 percent. Adjustable-rate mortgage activity rose to 5.4 percent during that time.

While mortgage rates have been a bit up and down this year, they remain historically affordable. This has helped increase optimism about the upcoming peak housing market season in 2015.