Mortgage rates dip

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A weekly mortgage rate survey by McLean-based Freddie Mac said Thursday that the average 30-year fixed-rate mortgage slid just below 4 percent.

The 30-year fixed-rate mortgage averaged 3.99 percent for the week ending March 29, down from last week when it averaged 4.08 percent. Last year at this time, the 30-year FRM averaged 4.86 percent.

The 15-year fixed-rate mortgage week averaged 3.23 percent this week, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year rate averaged 4.09 percent. 

“Mortgage rates slid this week amid weaker housing economic indicators,” Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement. “The S&P/Case Shiller 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also declined for the month.”

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