In Freddie Mac's results of its Primary Mortgage Market Survey® (PMMS®), fixed mortgage rates moved slightly lower for the week and remaining near their 60-year lows helping to keep homebuyer affordability high.
According to Frank Nothaft, vice president and chief economist, Freddie Mac:
"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. In addition, the Federal Reserve noted in its February 29th regional economic review (or Beige Book) that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales."