The 30-year fixed-rate average continued its downward path, dropping to 4.31 percent.
By Kathy Orton Kathy Orton Reporter and editor covering the Washington metropolitan area housing market Email Bio Follow March 21 at 10:24 AM Global and domestic economic concerns continue to drive down mortgage rates.
The 15-year fixed-rate average fell to 3.71 percent with an average 0.4 point. It was 3.76 percent a week ago and 3.91 percent a year ago. The five-year adjustable rate average was unchanged at 3.84 percent with an average 0.3 point. It was 3.68 percent a year ago. The Federal Reserve did not increase its benchmark rate Wednesday and signaled it would not hike rates this year, a sign the central bank is concerned about a slowing economy. The Fed’s retreat comes amid a slowdown in Europe and China, the uncertain status of Brexit and indications of lower spending by U.S. consumers and businesses. The Fed does not set mortgage rates, but its decisions influence them.
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