Mortgage Rates on Fixed Loans Log First Decline of 2018: Freddie Mac

With the Consumer Price Index (CPI) logging a mild increase in February, alleviating worries about inflation, mortgage rates on fixed loans were able to post their first decline of the year this week. According to data compiled by Freddie Mac, for the week ending March 15, the average rate for a 30-year fixed-rate loan fell 2 basis points to 4.44%. This marks the first decline of 2018 and the first dip in a year, Freddie Mac said in a release. The government-sponsored enterprise pointed to the CPI data released earlier this week as a reason for the dip. According to Freddie Mac, consumer price inflation was 2.2% year over year in February, with that news driving the 10-year Treasury slightly lower. "Mortgage rates followed Treasuries and ended a nine-week surge," said Freddie Mac.