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 of Freddie Mac, 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 iShares U.S. Home Construction ETF (ITB) was trading at $34.48 per share on Thursday morning, down $0.31 (-0.89%). Year-to-date, ITB has declined -21.04%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.
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