Thinking about buying a home? Now may be a good time. According to a recent article by Houston Chronicle, mortgage rates have continued to fall after surging last November. This week, average rate for a 30-year fixed-rate mortgage fell to 4.31 percent, the lowest level in 13 months, according the most recent mortgage survey by Freddie Mac.

That's a full tenth of a point lower than the week before, a drop the mortgage finance company attributed to a strong bond auction and the uncertainty surrounding the Brexit deal, which drove bond yields lower.

Freddie Mac said that the invigorating effects that low mortgage rates could have on the housing market may be somewhat dampened by low inventory. "While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low," it wrote in its report.

30-year fixed-rate mortgage (FRM) averaged 4.31 percent with an average 0.4 point for the week ending March 14, 2019, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 4.44 percent.

15-year FRM this week averaged 3.76 percent with an average 0.4 point, down from last week when it averaged 3.83 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent with an average 0.3 point, down from last week when it averaged 3.87 percent. A year ago at this time, the 5-year ARM averaged 3.67 percent.

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