Mortgage rates are finally going down! The average 30-year, fixed mortgage rate has retreated, back to 4.44 percent this week after rising for nine straight weeks, according to Freddie Mac’s recently released Primary Mortgage Market Survey (PMMS ). The average 30-year, fixed mortgage rate was 4.46 percent the week prior.
Mortgage rates are directly correlated with Treasury yields, which dipped following an inflation update this week, says Len Kiefer, deputy chief economist at Freddie Mac.
“Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year-over-year in February,” Kiefer says. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed Treasurys and ended a nine-week surge.”
In addition, the average 15-year, fixed mortgage rate also decreased, now at 3. 90 percent. It’s down from 3.94 percent the week prior.