For the week ending March 8, Freddie Mac reported 30-year fixed mortgage rates averaged 3.88%, down two basis points from last week and one basis point above the recent 3.87% record low.

Meanwhile, 15-year fixed rates set a new low of 3.13%, a four basis point decline over the week and one basis point lower from the previous low hit in early February.

On the adjustable side, rates were mixed with 5/1 hybrid ARMs at 2.81% compared to 2.83% previously, while one-year ARMs rose to 2.73% from a record low 2.72%.

Rate levels should continue to support the Mortgage Banker's Association's Reinance Index above 4000.

However, unless rates drop significantly further it is unlikely to reach its recent year to date high of 4538 for the week ending Feb. 10 when rates averaged 3.87%.

Since then, the index has declined nearly 9% to 4142 as of the week ending March 2 on higher mortgage rates.


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