WASHINGTON, March 5 (Xinhua) — The Benchmark mortgage rate moved down significantly and hit all-time low in the United States, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending March 5, the 30-year fixed-rate mortgage (FRM) in the United States plunged to 3.29 percent from the previous week’s 3.45 percent.
The rate was over 1 percent lower than that of the previous year. For the same period one year ago, the 30-year FRM averaged 4.41 percent, said Freddie Mac.
Freddie Mac noted that the 15-year FRM this week tumbled further below 3 percent threshold at 2.79 percent, significantly lower than the same period a year ago.
“The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history,” said Sam Khater, chief economist of Freddie Mac.
“Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down,” Khater said.
A report from Mortgage Bankers Association (MBA) on Wednesday recorded even higher mortgage applications. According to MBA, mortgage applications spiked 15.1 percent in the United States for the week ending Feb. 28.
“Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy,” Khater added.
Freddie Mac is a corporation founded by U.S. Congress to promote the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971.
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