WASHINGTON, Feb. 28 (Xinhua) -- Mortgage rate in the United States became steady after weeks of decrease, signaling that the housing market could expect a strong spring buying season, the U.S. Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said on Thursday.
For the week ending Feb. 28, 30-year fixed-rate mortgage (FRM) in the United States remained flat at 4.35 percent.
For the same period a year ago, the 30-year FRM averaged 4.43 percent, according to Freddie Mac.
"Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week," said Sam Khater, chief economist of Freddie Mac.
Moreover, mortgage refinance activity in the United States saw a 5 percent increase recently, according to a report released by Mortgage Bankers Association's on Wednesday.
Freddie Mac also noted that 15-year FRM this week edged down to 3.77 percent, which was lower than the previous week's reading of 3.78 percent. For the same period a year ago, the figure was 3.9 percent.
"The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season," Khater added.
Freddie Mac is a corporation founded by U.S. Congress, aiming at promoting the stability and affordability in the U.S. housing market by purchasing mortgages from banks and other loan makers. The corporation has been conducting weekly surveys on U.S. mortgage rate since April 1971.
