Mortgage rates decrease following weak reports

Rates on fixed-rate mortgages decreased this week following lackluster economic and housing reports.

Rates on 30-year fixed-rate mortgages averaged 4.28 percent with an average point of 0.7 for the week ending March 6, down from 4.37 percent last week and 3.52 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages and five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans also decreased, while rates on one-year Treasury-indexed ARMs remained flat.

Source: Freddie Mac