The 15-year fixed-rate mortgage dipped one basis point to 3.89% week over week. That’s compared to the average 2.34% 15-year FRM at this time last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained unchanged at 2.98% from a week ago and was slightly lower than last year’s 2.99% average.
Read more: Housing sentiment slumps to lowest level since May 2020
“Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months,” Khater said. “As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.”