The 30-year fixed mortgage rate slipped during the week ending March 15 to reverse a nine-week trend of consecutive increases, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed mortgage averaged 4.44% during the period, with an average 0.5 point, dropping from the previous average of 4.46%. Despite the decline, the average remains above the year-ago average of 4.3%.
The 15-year fixed-rate mortgage averaged 3.9%, with an average 0.5 point, down from the 3.94% average in the prior period. A year ago at this time, the mortgage averaged 3.5%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage was 3.67%, with an average 0.4 point, which marks an increase from the 3.63% average in the previous period. A year ago at this time, the 5-year ARM averaged 3.28%.
"Tuesday's Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2% year-over-year in February,” Freddie Mac Deputy Chief Economist Len Kiefer said. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge. The US weekly average 30-year fixed mortgage rate fell two basis points to 4.44% in this week's survey, its first decline this year."