After weeks of declines, mortgage rates reversed course, but are still lower than a year ago. “While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” says Freddie Mac’s chief economist.
“In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early 2019.
However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring home-buying season.”
Freddie Mac reports the following national averages with mortgage rates for the week ending March 7:
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