According to Freddie Mac's latest mortgage report, the average rates for 15- and 30-year fixed-rate home loans declined from the week before.
For the week ending March 1, the average rate for a 15-year FRM slipped to 3.17 percent from 3.19 percent the week before.
Also, long-term rates fell from the prior week, the Primary Mortgage Market Survey indicates. The average rate for a 30-year FRM during the period was 3.9 percent - a drop from 3.95 percent a week earlier.
"Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market," said Freddie Mac vice president and chief economist Frank Nothaft. "For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions."
While Freddie's mortgage records show substantially affordable rates, the Mortgage Bankers Association's latest report indicates refinancing activity dropped.