Mortgage Rates Dip in March

Mortgage rates decreased on a monthly basis, according to information complied by Freddie Mac. As of March 27th, the 30-year FRM – Commitment rate, had declined by two basis points to 3.45% from 3.47% at the end of February. The cycle peak of 4.87% was achieved in November of 2018. The National Association of Home Builders expect the mortgage rates to decline further to near 3% as bond market rates decline due to the coronavirus fears. As a point of comparison, at the beginning of 2019, the average 30-Year Fixed market rate was 4.51%.