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Interest rates see biggest one-week plunge in a decade

The average interest rate for a 30-year fixed-rate mortgages (FRM) plunged 22 basis points since last week — the biggest one-week drop in a decade, according to Freddie Mac.

The latest results of Freddie Mac’s primary mortgage market survey show the 30-year FRM posting a 4.06 percent average note rate with an average of 0.5 points for the week ending March 28. That’s down from last week's 4.28 percent average, and is also down from the 4.40 average of a year ago.

“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over 10 years,” said Sam Khater, chief economist for Freddie Mac. “Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop, we expect a continued rise in purchase demand.”

Other loan types also saw steep rate declines. The 15-year FRM averaged 3.57 percent with an average of 0.4 points, down from last week when it averaged 3.71 percent. In the same week last year, the 15-year FRM averaged 3.90 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.75 percent with an average of 0.3 points, down from last week's average of 3.84 percent. At the same time last year, the average was 3.66 percent.


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