For the week ending March 16, 30-year rates fell to 6.60% from 6.73% the week before.
After several weeks of heading upwards, mortgage rates reversed course last week in response to the reaction of turbulence in the banking sector – though they remain very volatile from day-to-day. For the week ending March 16, 30-year rates fell to 6.60% from 6.73% the week before. In addition, 15-year loans decreased to 5.90%. A year ago, 30-year fixed rates averaged 4.16%, more than 2.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates are down following an increase of more than half a percent over five consecutive weeks. Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short-term.”
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 March 17, 2023
|
Daily Value
|
Monthly Value
|
|
March 16
|
February
|
|
6-month Treasury Security
|
4.94%
|
4.97%
|
|
1-year Treasury Security
|
4.49%
|
4.93%
|
|
3-year Treasury Security
|
3.72%
|
4.23%
|
|
5-year Treasury Security
|
3.67%
|
3.94%
|
|
10-year Treasury Security
|
3.56%
|
3.75%
|
|
12-month LIBOR
|
|
5.681%
|
|
12-month MTA
|
|
3.466%
|
|
SOFR
|
|
4.534%
|
|
Prime Rate
|
|
7.75% (2/23)
|