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Mortgage rates see more declines in March

Posted on Friday, March 22, 2013 at 3:56:42 PM

With positive indications that the national economy may again be exhibiting signs of improvement, an increasing number of consumers may begin to pursue the path to homeownership. Following recent increases, national mortgage rates showed positive decreases during the week ending March 21, offering many the opportunity to lock in low residential financing rates. 

Freddie Mac reported in its most recent Primary Mortgage Market Survey that the upcoming spring homebuying season may be greatly facilitated by drops in both fixed- and adjustable-rate mortgages.

Average 30-year fixed-rate mortgages (FRMs) were reportedly logged at 3.54 percent, having slid significantly from the preceding week's level of 3.63 percent. Last week, an average 15-year FRM was recorded at 2.72 percent, exhibiting a drop from 2.79 percent, which was seen the week before. Average five-year treasury-indexed hybrid ARMs remained unchanged at 2.61 percent last week, meanwhile, average one-year treasury-indexed ARMs, moved down to 2.63 percent from 2.64 percent seen the week prior. 

On the heels of this positive news, real estate information provider Trulia announced consumers who currently rent space in 100 of the country's largest metropolitan areas may benefit by purchasing property. The organization reported nationwide, buying a home is 44 percent less expensive than renting. A small depreciation was seen year-over-year, as March 2012's data showed buying was 46 percent cheaper.