The average 30-year fixed-rate mortgage was relatively unchanged from the prior week, coming in at 3.49%, according to Freddie Mac.
“The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up fifteen percent from a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season.”
Freddie Mac reported the new average 30-year fixed-rate mortgage was slightly higher than the prior week’s 3.47%. The average rate for a 30-year fixed-rate mortgage this time last year was 4.35%.