Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Rates Improve

Rates Improve

Average 30-year fixed rate 6.34%

March 16, 2006


photo of Coco Salazar
Rates retreated from three-year highs.

Down three basis points from last week, the average 30-year fixed-rate mortgage came in at 6.34%, Freddie Mac’s latest Primary Mortgage Market Survey showed. Last year at this time, the average was 5.95%.

The average 15-year reportedly edged down 2 BPS to 5.98%.

The 10-year Treasury note traded midday with a 4.64% yield, down from 4.73% a week earlier and down nine BPS for the day.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage sank 10 BPS from a week ago to 5.93%, Freddie said.

One-year Treasury-indexed ARMs reportedly averaged 5.37% this week, falling 8 BPS from a week earlier. The 1-year T-bill itself was 4.75% as of Tuesday, 2 BPS lower than a week ago, according to the Federal Reserve.

“Financial markets, hedging against the potential build up in inflation, pushed mortgage rates higher last week,” said Frank Nothaft, Freddie vice president and chief economist, in an announcement. “However, market indicators this week seemed to point to less of a threat of inflation, and that allowed rates to drift a little lower.”

Two-thirds of the 100 mortgage “experts” surveyed by this week believe mortgage rates will rise over the next 35 to 45 days, while the rest are evenly split over whether they think rates will remain relatively unchanged, or fall.

The prior week’s rising rates kept mortgage applications from rising — but they didn’t fall either, according to the Mortgage Bankers Association latest weekly application survey. Purchases edged up while refinance applications and the refinance share edged down.

ARM activity crept up to 29%, MBA reported.

Coco Salazar is an assistant editor and staff writer for


Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...