Mortgage rates skidded last week to the lowest level in a year.

Freddie Mac said the 30-year benchmark mortgage rate fell 10 basis points to 4.31% in the week ending March 14.

The 15-year fixed rate fell to 3.76% from 3.83%, while the 5-year hybrid adjustable rate mortgage fell to 3.84% from 3.87%.

“Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” said Sam Khater, chief economist, in a statement.

Housing activity has been lackluster since the summer, with new home sales falling in January. Rates would have to drop significantly lower to spur new activity.

The post Mortgage Rates Skid to Lowest Level in a Year appeared first on Real Estate News & Insights | realtor.com®.

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Article From: "Steve Goldstein"   Read full article

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