Mortgage rates continue decline

30-year fixed-rate mortgage averages 3.45% for the week ending Feb. 27, down from 3.49% in the previous week and 4.35% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” said Freddie Chief Economist Sam Khater. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”

15-year FRM averages 2.95% vs. 2.99% in the previous week and 3.77% a year ago.

5-year Treasury-indexed hybrid adjustable mortgage averages 3.20% vs. 3.25% in the previous week and 3.84% a year ago.