Though they aren't quite at the historic lows recorded at various points in recent months, long- and short-term mortgage rates declined during the final week of February, a report notes.
Freddie Mac's Primary Mortgage Market Survey for the week ending March 1 shows that the average rate for a 30-year fixed-rate mortgage was 3.9 percent, down from 3.95 percent the previous week.
Additionally, 15-year FRM rates averaged 3.17 percent, which marked a modest dip from 3.19 percent recorded a week earlier.
Frank Nothaft, vice president and chief economist for the government-sponsored enterprise, indicated rates reaching these low levels again is assisting the housing recovery.
"Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions," said Nothaft.
A substantial number of homes for sale could come off the market during the remainder of winter and in early spring should rates remain low, experts say.
