One week after declines that would have led to more ideal refinancing rates for homeowners looking to consolidate debt, the second week of March did not yield the same results for most mortgage types.
According to thelatest Zillow Mortgage Rate Ticker for the week ending March 16, the average interest rate for 30-year fixed-rate mortgages increased by 0.02 percentage point to hit 4.78 percent. The week prior, the average rate had seen a 0.04 percentage point decline to begin March.
The rate for 15-year FRMs fared better for the week, shedding 0.02 percentage points for the week before settling at 4.22 percent. The decline doubled the 0.01 percentage point decrease than the average rate had seen one week earlier.
Following a sizable decline of 0.1 percentage points last week, the average rate for 5/1 adjustable-rate mortgages did not even follow up with another decline. The average interest rate instead shot up by 0.05 percentage points to hit 3.52 percent for the week.
Perhaps deterred by the mixed-week seen by the different mortgage rates, fewer consumers took out mortgage requests as their volume fell by 4 percent compared to the week prior. Like last week, purchase loans saw the majority of requests, garnering 66 percent of the request volume.