After a big spike in long-term borrowing costs last week, mortgage rates turned lower this week.
Freddie Mac (OTC: FMCC) says the average rate on a 30-year fixed-rate mortgage fell to 3.78 percent in the week ending March 19, down from 3.86 percent last week. A year ago, 30-year rates averaged 4.32 percent.
A 15-year fix averaged 3.06 percent this week, down from 3.10 percent. A one-year adjustable-rate mortgage fell to 2.46 percent, from 2.49 percent.