Mortgage rates hit reverse going into March, ending a string of weekly increases through mid-February.
In the week ending 24th February, 30-year fixed rates slid by 13 basis points to 3.76%. 30-year fixed rates had slipped by 3 basis points in the week prior.
Year-on-year, 30-year fixed rates were up by 74 basis points.
30-year fixed rates were still down by 118 basis points since November 2018’s last peak of 4.94%.
Economic Data from the Week
Economic data from the U.S took a back seat as demand for the safe havens saw a slide in U.S Treasury yields, which weighed on mortgage rates. Russia’s invasion of Ukraine weighed heavily on riskier assets in the week.
Freddie Mac Rates
The weekly average rates for new mortgages, as of 3rd March, were quoted by Freddie Mac to be:
According to Freddie Mac,
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Geopolitical tensions led to a fall in U.S Treasury yields as investors moved to the safety of…
