For the week ending February 24, 30-year rates fell to 3.89% from 3.92% the week before.
In addition, 15-year loans decreased one tick to 3.14% and the average for five-year ARMs remained at 2.98%. A year ago, 30-year fixed rates averaged 2.97%, almost 1.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Even with this week's decline, mortgage rates have increased more than a full percent over the last six months. Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated February 25, 2022
|
Daily Value
|
Monthly Value
|
|
February 24
|
January
|
6-month Treasury Security
|
0.65%
|
0.33%
|
1-year Treasury Security
|
1.08%
|
0.55%
|
3-year Treasury Security
|
1.73%
|
1.25%
|
5-year Treasury Security
|
1.84%
|
1.54%
|
10-year Treasury Security
|
1.96%
|
1.76%
|
12-month LIBOR
|
|
0.962% (Jan)
|
12-month MTA
|
|
0.142% (Jan)
|
SOFR Index
|
|
1.042% (Jan)
|
Prime Rate
|
|
3.25% (3/20)
|