Mortgage rates seesawed lower this week after the Federal Reserve stepped in to provide some assurance to lenders who were at a loss as to how to price home loans amid the disruptions caused by the coronavirus emergency.
The 30-year fixed-rate mortgage dropped to 3.50% during the week ending March 26, Freddie
reported Thursday. That represented a significant decrease of 15 basis points from last week, when rates surged to the highest level since January.
Meanwhile, the 15-year fixed-rate mortgage fell 14 basis points to 2.92%. Apart from last week, the average rate for 15-year fixed home loans has remained below 3% since January.
The trajectory for the 5-year Treasury-indexed hybrid adjustable-rate…
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