Weekly Mortgage Rate remain Stable and low

Mixed economic signals kept rates low across the board and relatively unchanged this week, a nationwide mortgage survey reported Thursday. The results of Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage averaged 6.17 percent for the week, up slightly from last week’s average of 6.16 percent but lower than the average rate of 6.43 percent reported last year at the same time.
The 15-year fixed-rate mortgage averaged 5.87 percent, up slightly from last week when it averaged 5.86 percent. Last year, the 15-year rate averaged 6.10 percent.
Short-term rates were also up slightly, although relatively unchanged. The five-year adjustable-rate mortgage averaged 5.92 percent this week, up from last week’s average of 5.88 percent. One-year ARMs averaged 5.44 percent, up slightly from a 5.43 percent average last week.
“Mortgage rates have remained within a narrow band of 0.1 percentage points over every week in March,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a prepared statement. “This relative stability is due to mixed economic data releases as to how strong the economy is and whether future inflation will recede. One bright spot this week came from an unexpected increase in pending home sales for February, which suggests the housing market is still healthy.