HOMZ - Mortgage rates drop second consecutive week amid global economic uncertainty

30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point for the week ending Mar. 3, 2022, down from last week when it averaged 3.89%; higher than 3.02% a year ago, according to the Freddie Mac Primary Mortgage Survey. "Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates. While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months," chief economist Sam Khater commented. 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14% and a year ago at this time, the 15-year FRM averaged 2.34%. 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 2.91% with an average 0.3 point, down from last week when it averaged 2.98% and a year ago

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Mortgage rates drop second consecutive week amid global economic uncertainty