Mortgages rates continue to drop, according to Primary Mortgage Market Survey from Freddie Mac.

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year,” said Sam Khater, Freddie Mac’s chief economist. “Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

News Facts

• The 30-year fixed-rate mortgage averaged 4.35 percent with an average 0.5 point for the week ending Feb. 21, 2019, down from last week when it averaged 4.37 percent. A year ago, the 30-year fixed-rate mortgage averaged 4.40 percent.
• The 15-year fixed rate mortgage this week averaged 3.78 percent with an average 0.4 point, down from last week when it averaged 3.81 percent. A year ago, the 15-year fixed-rate mortgage averaged 3.85 percent.
• The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.84 percent with an average 0.3 point, down from last week when it averaged 3.88 percent. A year ago, the 5-year adjustable-rate mortgage averaged 3.65 percent.

Average commitment rates are reported along with average fees and points to reflect the upfront cost of obtaining the mortgage.