Fixed Mortgage Rates Decline for Second Consecutive Week
Mortgage Rates Continue to Slide Down
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 23rd. The 30-year fixed-rate mortgage averaged 6.42%, down from last week when it averaged 6.60%. A year ago at this time, the 30-year FRM averaged 4.42%.
The 15-year fixed-rate mortgage averaged 5.68%, down from last week when it averaged 5.90%. A year ago at this time, the 15-year rate averaged 3.63%.
Adding additional background and his analysis to this week’s survey, Freddie Mac’s Chief Economist Sam Khater said:
“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks. However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.