Mortgage Rates Decline Last Week

Washington, DC, March 28, 2016 -- After four straight weeks of increases, mortgage rates dipped last week, according to Freddie Mac.

Freddie Mac chief economist Sean Becketti said the Federal Reserve's decision to keep interest rates at current levels triggered a 3-basis point drop in the 10-year Treasury yield. And that, he says, spurred a decline of 2 basis points in the 30-year mortgage rate.

Thirty-year fixed-rate mortgages averaged 3.71 percent, dropping from the previous week’s 3.73 percent average. A year ago 30-year rates averaged 3.69 percent.

Fifteen-year fixed-rate mortgages averaged 2.96 percent, falling from 2.99 percent the previous week.